The Central Bank of Nigeria (CBN) has directed that all transactions consummated by a Bureau De Change must have the Bank Verification Number (BVN) of custom with effect from August 1, 2015.

In a circular to all licensed BDCs, the CBN said the information must be included in their returns to CBN. In the case of corporate customers the BVN of a director or authorized signatory of the entity must be provided.

To ensure a hitch-free implementation of the directive, the CBN said the list of all lincensed BDCs would be provided by the CBN, to the Nigerian Inter-Bank Settlement System (NIBSS) to enable the company provide the necessary hardware token that would be used by the BDC in accessing the NIBSS website.

NIBSS has been directed to make a portal available on its website to facilitate access for the confirmation/validation of the BVN number of the BDCs’ customers.

The circular which was signed by Kevin Amugo, director, financial policy and regulation department, CBN, stated that this is to ensure that correct BVN is recorded by the BDC and included in the returns to the CBN. According to the Apex bank, a token transaction fee of N100 would be paid for each access on the portal, while NIBSS will provide the training manual for an “easy to use” operation of the system.

Furthermore, all licensed BDCs are required to provide the BVN of all their director before August 15, 2015 as failure may affect their continued participation in the foreign exchange market.

The CBN noted that any BDC operator who fails to provide the required information in his returns, or provides a wrong BVN would be penalized. First offenders will be required to pay a fine of N1 million while any subsequent violation of the requirement may lead to the revocation of operating license of the BDC.

http://businessdayonline.com/2015/07/cbn-directs-bdcs-to-provide-bvn-of-customers/#.Vb88TfncC1x

C.B.N is working.

Nigeria is working.

The Government is working.

Buhari is working.

Buhari has indeed brought changes and sanity into our banking sector.

Meanwhile:
http://www.bloomberg.com/news/articles/2015-08-02/no-access-to-dollars-imperils-nigeria-retailers-stokes-prices

We're heading for disaster with Bubu.

Good.

CBN wants to track all transactions. very soon money launders will be sleeping with EFCC

Good! Let barcanister and all the other wailers wail all the can, but they won't be allow to easly lodge their stolen wealth which the converted into dollers into our banks! They can bury it in their houses or farms or better still take the risk and smuggle it out of the country, and if we catch them, we give them a bed space in karikiri where they belong!

Mogidi:
Meanwhile:
http://www.bloomberg.com/news/articles/2015-08-02/no-access-to-dollars-imperils-nigeria-retailers-stokes-prices

We're heading for disaster with Bubu.

Another fake article written by a Biafran and propagated by the wailers! Otapiapia is very cheap, u can go take a tea spoon!...... Don't forget to give barcanistar too. Both of u are nothing but a waste of oxygen!

MyMouth:

Another fake article written by a Biafran and propagated by the wailers! Otapiapia is very cheap, u can go take a tea spoon!...... Don't forget to give barcanistar too. Both of u are nothing but a waste of oxygen!

Bloomberg is fake, bros with due respect you have no business coming to the politics section. Please remain in the "children's "section.

It should be a pre-requisite that public officer holders should close their domiciliary account

I tell you Buhari is silently strangling all enemies of Nigeria. By the time ministers touch down they will have a clear and concise job description handed to them. If you have a legitimate business get a bvn, and be sure u also have a genuine explanation on how u came about the forex (just in case efcc comes asking)

In other news...
Wahala dey for my neighbourhood. A former minister in the previous government stashed dollars in the trunk of exotic cars parked in his house and decided to go for lesser hajj in Saudi. He just returned to find out that his cousins and younger brother have made away with the cars and its contents. As I type this its family meeting marathons that is going on in the house coz he can't report the case to police talk less of efcc. I tell u this one an original gobe.

Boss13:
It should be a pre-requisite that public officer holders should close their domiciliary account

You think they use their own domiciliary account to launder money?

Lets see how they can spoil market for Abo.ki

Mogidi:


Bloomberg is fake, bros with due respect you have no business coming to the politics section. Please remain in the "children's "section.

I said "fake article"! U see ur life? Go school, u no gree, u prefer to remain on Nairaland and be collecting 1naira/ post from olisa metu!

MyMouth:

I said "fake article"! U see ur life? Go school, u no gree, u prefer to remain on Nairaland and be collecting 1naira/ post from olisa metu!

Why would the world respected "economics bible" bloomberg post fake articles? I believe you're more ediotic than people credit you for.

In as much as I hail this development, close watch should be on other economic variables that my be affected due to the tight measures.

so diz CBN guys knew wat to do all dis while n dey were jst moopin? Fear of PMB is hot indeed.

The anti corruption war has started.