• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • Domestic Violence

      Marriage and the Silent Wounds Within Homes By Hafsat Ibrahim

      The Nigerian Army @162: A Testament to Sacrifice and National Unity…

      Nigerian Military Troops

      Nigeria, Niger Forces Neutralize Score of ISWAP Terrorists in Mallamfatori

      A Different Kind of War on Drugs By As-Sayyidul Arafat Abdulrazaq

      HAJJ Pilgrims pilgrimage NAHCON

      NAHCON Completes 2025 Hajj Return Operations 

    • Government
      • G7 Countries

        Iran Must Never Possess Nuclear Weapons – G7 Declare

        Nigerian Dignitaries, Business Leaders Attend Aminu Dantata’s Burial in Madinah Saudi…

        Dantata laid to rest at Medina Cemetery

        Legendary Business Mogul Aminu Dantata Laid to Rest in Madinah Cemetery

        Tinubu Seeks Visa Waivers, Scholarships as Nigeria Establishes Diplomatic Ties with…

        Malam Yusuf Abubakar Dingyadi

        Dingyadi, PDP Chair’s Vocal Spokesperson, Resigns

  • Security
    • Suspected Gunrunner

      Plateau: Troops Nab Suspected Gunrunner, Recover AK-47, Ammunition in Plateau

      Troops Neutralise Scores of Militias in Plateau

      Army providing free medical aid

      Nigerian Army Provides Free Medical Aid, Educational Support in Zamfara Community

      Police, Pharma Manufacturers Partner to Combat Substandard Drugs in Kano

      The Director of Defence Media Operations, Major-General Markus Kangye,

      Nigerian Military Has No Power to Grant Bandits’ Amnesty — DHQ

  • Features
    • Domestic Violence

      Marriage and the Silent Wounds Within Homes By Hafsat Ibrahim

      FutureMap Foundation Sparks Innovation with Design Thinking in Nigeria

      The Nigerian Army @162: A Testament to Sacrifice and National Unity…

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      A Different Kind of War on Drugs By As-Sayyidul Arafat Abdulrazaq

  • State
    • Suspected Gunrunner

      Plateau: Troops Nab Suspected Gunrunner, Recover AK-47, Ammunition in Plateau

      Troops Neutralise Scores of Militias in Plateau

      Army providing free medical aid

      Nigerian Army Provides Free Medical Aid, Educational Support in Zamfara Community

      Police, Pharma Manufacturers Partner to Combat Substandard Drugs in Kano

      FCT Police Raid Criminals’ Hideouts, Arrest 56 Suspects

  • Event
    • NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

      EFCC Witness: Yahaya Bello Had No Property Dealings With EFAB

      Hon. Rukayat Motunrayo Shittu (RMS), with PRNigeria Ladies in PR I'm Abuja

      Rukayat Shittu Set to Publish Inspirational Book “Cracking the Glass Ceiling”,…

      Chief Cornelius Olatunji Adebayo

      Former Kwara Governor, Chief Adebayo, Dies at 84

      Managing Editor of Image Merchants, Mr Abdulrahman Abdulraheem, PR Expert, Celestine Achi and the Editor-in-chief, Yushau Shuaib presenting the book to PRNigeria center

      PRNigeria Commends New Book on Artificial Intelligence in Public Relations

    • PR Nigeria Award
  • E-Paper
Home Economy How CBN Made U-Turn About BVN Expiry Date – PRNigeria Fact-Check Reveals
  • Economy
  • Fact-Check

How CBN Made U-Turn About BVN Expiry Date – PRNigeria Fact-Check Reveals

By
Prnigeria
-
May 13, 2023

How CBN Made U-Turn About BVN Expiry Date – PRNigeria Fact-Check Reveals

The Bank Verification Number (BVN) issued by the Central Bank of Nigeria (CBN) was initially to expire after 10 years, PRNigeria Fact-Check discovers.

The PRNigeria factcheck was conducted after a viral video disclosed the expiry date, which was later denied by the CBN.

While ascertaining the truth in the claim, a keyword search by PRNigeria led to a page posted on the CBN portal in the year 2015 where Frequently Asked Questions (FAQs) and answers regarding BVN were provided by the apex bank.

However, it is surprising that the page has been removed and could no longer be found on the bank website.

Nonetheless, PRNigeria was able to employ its Fact-Checking tools used for recovering deleted items to retrieve the online version and PDF document of the FAQs and answers on BVN as posted by the CBN on its website earlier in 2015.

In the retrieved FAQs document under Question 12, the CBN stated categorically that the BVN would expire after 10 years of issuance. Thus, the customer must go back to his/her bank to re-enroll

Read Also:

  • Plateau: Troops Nab Suspected Gunrunner, Recover AK-47, Ammunition in Plateau
  • Troops Neutralise Scores of Militias in Plateau
  • ‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?

However, in a statement released on May 10, 2023, the CBN debunked the said assertion, adding that the “BVN Issued in Nigeria Has No Expiry Date.”

The statement reads as follows:

“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.

“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.

“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.”

Based on the data gathered by PRNigeria, it is true that CBN had once published a document on its website (which has been retracted presently) where it was explicitly stated that the BVN expires after 10 years of enrollment.

However, with the recent circular issued by CBN where it confirmed and reassured the validity of BVN even after a decade, the claim that the BVN expires after 10 years of issuance as widely circulated in the video, is therefore MISLEADING.

By PRNigeria

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • BVN
  • CBN
Previous articleMajority of criticisms against me, AGF office ill-conceieved – Malami
Next articleSudan war: CSO urges federal, state gov’ts to subsidize flight tickets for pilgrims
Prnigeria
Prnigeria
https://prnigeria.com/

RELATED ARTICLESMORE FROM AUTHOR

‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs, ICPC and the Audit of Conscience

FACT-CHECK: Are Travelers in Kogi Under Attack by Armed Fulani Herdsmen?

FACT-CHECK: Did Borno Governor Zulum’s Wife Lift Primary School Mate Out of Poverty in Viral Video?

Fact-Check: Did Saudi ‘Sleeping Prince’ Wake Up After 20 Years in a Coma?

Fact Check: Does Rat Faeces Cure Appendicitis as Claimed in Viral Video?

Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

Comptroller General Nigerian Customs Bashir Adewale

Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO Chair

WTO Lauds Nigeria Customs for Embracing Global Trade Standards

Nigeria, Rwanda Sign Landmark Tax Treaty to Boost Cross-Border Investment

Bashir Adewale Adeniyi MFR

Nigeria Customs, India Forge Deeper Bond on Trade Oversight

Recent Posts

  • Plateau: Troops Nab Suspected Gunrunner, Recover AK-47, Ammunition in Plateau
  • Troops Neutralise Scores of Militias in Plateau
  • ‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?
  • Nigerian Army Provides Free Medical Aid, Educational Support in Zamfara Community
  • Marriage and the Silent Wounds Within Homes By Hafsat Ibrahim
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Plateau: Troops Nab Suspected Gunrunner, Recover AK-47, Ammunition in PlateauTroops Neutralise Scores of Militias in Plateau‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?Nigerian Army Provides Free Medical Aid, Educational Support in Zamfara CommunityMarriage and the Silent Wounds Within Homes By Hafsat IbrahimPolice, Pharma Manufacturers Partner to Combat Substandard Drugs in KanoFutureMap Foundation Sparks Innovation with Design Thinking in NigeriaNigerian Military Has No Power to Grant Bandits' Amnesty — DHQHow a Single Electricity Market Will Empower Africa’s People and EconomiesThe Nigerian Army @162: A Testament to Sacrifice and National Unity By Sani Kukasheka UsmanWorld’s Largest Electricity Market Kicks Off as AU Launches Steering Committee to Drive Continental IntegrationMilitary Kills Terrorist Commanders, Arrests Over 1,100 Others in Q2 Operations – DHQFCT Police Raid Criminals' Hideouts, Arrest 56 SuspectsNigeria, Niger Forces Neutralize Score of ISWAP Terrorists in MallamfatoriNigeria Customs, ICPC and the Audit of Conscience
X whatsapp