The Central Bank of Nigeria (CBN) has directed all bureau de change operators (BDCs) in the country to demand bank verification number (BVN) from customers for all forex transactions effective on November 1, 2015.
All banks and licenced BDCs operating in Nigeria as well as the general public are therefore notified that with effect from November 1, 2015, all customers desiring to purchase forex through available channels in Nigeria must provide their BVN, which shall be validated by the CBN authorised forex dealer through the Nigerian Interbank Settlement System platform before the transactions are consummated.
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