The Central Bank of Nigeria (CBN) has clarified that there are no hidden fees for Nigerians abroad opening accounts with the Non-Resident Bank Verification Number (NRBVN). The CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), launched the NRBVN platform to enable Nigerians living abroad to register for a Bank Verification Number (BVN) remotely.
The NRBVN platform allows Nigerians in the diaspora to open bank accounts, invest in the Nigerian economy, send and receive money, and access savings, pensions, and insurance services. The registration process involves submitting required documents, including a valid ID, proof of residency, and undergoing a liveness check.
The one-time registration fee is $50 (approximately N80,000), with transparent fees for remittance services and account opening displayed during transactions. The CBN aims to increase remittances to $1 billion monthly, promoting financial inclusion and economic growth.
Nigerians abroad can register for NRBVN via the official portal and enjoy secure, efficient, and inclusive financial services.
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