Cbn reiterates position on bvn for forex transactions

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CBN Reiterates Position on BVN for Forex Transactions

The Central Bank of Nigeria (CBN) has reiterated its stance on the requirement for Bank Verification Number (BVN) for all foreign exchange transactions in the country. The CBN made this known in a circular to all authorized dealers in the foreign exchange market.

According to the circular, the BVN is a mandatory requirement for all foreign exchange transactions, including import and export of goods and services, as well as international money transfers. The CBN emphasized that the BVN is a critical tool for identifying and verifying the identity of individuals and organizations involved in foreign exchange transactions.

The CBN also warned that any unauthorized dealer or individual found to be involved in foreign exchange transactions without a valid BVN will be subject to severe penalties, including fines and imprisonment.

The circular is aimed at ensuring that all foreign exchange transactions in the country are transparent, secure, and compliant with international best practices. The CBN has been implementing various measures to strengthen the foreign exchange market and prevent illegal activities, such as currency smuggling and money laundering.

In conclusion, the CBN's circular reiterates its commitment to ensuring the integrity and transparency of the foreign exchange market in Nigeria, and emphasizes the importance of the BVN in achieving this goal.