Central Bank of Nigeria, CBN, has disclosed that with effect from November 1, 2015, the CBN authorised FOREX dealer through the Nigerian Interbank Settlement System, NIBSS platform before the transactions are consummated, must validate the Bank Verification Numbers, BVN of all customers desiring to purchase FOREX through all available channels in Nigeria.
The apex bank Director on Financial Policy Regulation Mr. Kevin Amogu, who stated this also said that from November 01 2015 prospective buyers of foreign currencies must show their BVN, to banks.
The BVN gives each bank customer a unique identity across the banking industry and protect the customer’s account from fraudsters.
The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.
Amogu argued that funds should not be used to fund imports but to address immediate travel needs. “Importers, should open Letters of Credit LCs for Form ’M’ or Form ‘A’ for goods and services imports respectively,” He said.
A commercial LC is a contractual agreement between the issuing banks, on behalf of one of its customers, authorising another bank to make payment to the beneficiary.

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