CENTRAL Bank of Nigeria, CBN has directed that all licensed BDCs operating in Nigeria; with effect from 1st August 2015 should ensure that all transactions consummated by a BDC must have the bank verification number of the customers.
This was contained in a circular obtained in the apex bank website and signed by CBN Director, Financial Policy and Regulation Department Kevin Amugo.
CBN explained that this information must be included in the Returns to the CBN. And in the case of corporate customers, the BVN of a director or an Authorised signatory of the entity must be provided.
According to Amugo, “to ensure a hitch-free implementation of this directive, the list of all licensed BDCs would be provided by the CBN to the Nigerian Interbank Settlement System, NIBSS to enable the company provide the necessary hardware token that would be used by the BDCs in accessing the NIBSS website.”
IT also stated that the NIBSS has been directed to make a portal available on its website to facilitate access for the confirmation/validation of the BVN number of the BDCs customers.
And it was aimed to ensure that the correct BVN is recorded by the BDC and included in the returns to the CBN. Also he added that a token transaction fee of N100 would be paid for each access on the portal. NIBSS will also provide the necessary training manual for an easy to use orientation of the system.
The statement added that all licensed BDCs are required to provide the BVN of all their Directors before 15th August 2015 as failure to meet this requirement may affect their continued participation in the foreign exchange market.
“BDC operators should please note that failure to provide information in returns or provide wrong BVN would be penalised. First offenders will be required to pay a fine of N, 1000, 000, 00 while any subsequent violation may lead to the revocation of the operating license of the BDC.” He stated.

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