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Tuesday, 30 June 2015

Solution to BVN Issue and Nigerian bank accounts operations


CBN Extends BVN Registration 

till 31st of October,2015

NUJ Europe observed with dismay the problems Nigerian bank accounts operators are facing prior to the late announcement of extension date for BVN in Nigeria.Quite uncomfortable are the feelings of hundreds of people facing the irksome of meeting the Bank Verification Number excercise deadline today.

 Apparently, most branches of every bank in Nigeria today are witnessing large turnouts of their customers in the ending hours to BVN exercise. A pile of complaints over this development has been noted by the Nigeria Central Bank. However, the BVN has come to a deadline by the end of today's banking services.
NUJ Europe is taking a look at the suffering people are subjected to at the wake of addressing the fraud of operators of accounts in more than one bank. Of what importance is this excercise?

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 BV. Loan Application will be rejected.

In the light of the above reasons given by Central Bank of Nigeria, what are s your experiences like in the Nigeria Banking halls over Bank Verification Number (BVN) exercise? Share your opinion with NUJ Europe as comments or inbox

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