BVN: October 31 deadline is not feasible for us- BDCs

By Odunewu Segun

The Association of Bureau De Change Operators of Nigeria has described the October 31 deadline given to all Banks and Bureau De Change operators to comply with the Bank Verification Number exercise by the Central Bank of Nigeria as not feasible.

Addressing Journalists in Lagos, the Acting President of the Association, AminuGwadebe said BDCs in the country are not yet ready for the implementation of the policy. According to him, the CBN had suspended the directive earlier because BDC operators were not educated on the use of the Nigerian Inter Bank Settlement System (NIBSS) platform that the BVN will be entered into was having issues.

He noted that most of the BDCs have complied with the directive that their members submit the BVN numbers of their directors to the CBN saying, “we told all our members to submit the BVN of their directors although not all of them have complied but we hope they will before the deadline.”

The Central Bank of Nigeria had issued a directive to all banks and Bureau de Change operators in the country to demand for customers’ Bank Verification Number (BVN) for all forex transactions from November 1, 2015.

The CBN in a circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo had said the directive was in continuation of efforts to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfers from Nigeria.

The apex bank said it would also discontinue the sale of forex to the BDCs that had not availed it the BVNs of all its directors.