Business Nigeria: 3 Implications of Not Participating in BVN Registration Exercise

[LequteMan]

Ibrahim Muazu, director, corporate communications department, Central Bank of Nigeria, yesterday said the Bank Verification Number exercise, scheduled to end today, will not be extended.

According to him, without BVN one will still have access to his cash, he said.

He also listed the implications of not enrolling for the exercise.

1. Remote Services/facilities (internet/mobile banking, etc) will have some restrictions
2. Transactions valued at N100,000,000.00 (One hundred million Naira) and above will only be allowed for customers with BVN
3. Loan applications will be rejected



Update: CBN Extends BVN Registration Exercise to October 31st

Source: BusinessDay, CBN

 

[curator]

Makes no sense at all... what happens if I come into the country and need to open a bank account or I have never had an account before and needed one now? Silly rules made by bullies. This should be an ongoing exercise.

But you have to love this limit: N100,000,000.00 (One hundred million Naira)