The Central Bank of Nigeria (CBN) has reassured Nigerians that registering or updating their Bank Verification Number (BVN) remains completely free across the country.

The apex bank made this clarification amid growing concerns that some individuals and institutions were charging unsuspecting customers for BVN enrollment services.

In a statement on Monday, the CBN stressed that under no circumstances should Nigerians pay to obtain or link their BVN locally. The bank described the BVN as a critical tool for protecting account holders against fraud and enhancing the security of the banking system.

Introduced in 2014, the BVN is an identification number tied to a person’s biometric data, such as fingerprints and facial features. It is designed to ensure that each bank customer has a single identity across all Nigerian banks.

The CBN encouraged customers who have been asked to pay for BVN services to report such cases to their banks immediately or reach out to the CBN through official channels.

“BVN enrollment is free and should remain so. Any demand for payment is illegal and must be resisted,” the statement added.

With this assurance, Nigerians can continue to register or update their BVN without fear of being charged, helping maintain trust and security within the banking sector.