- The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that Nigerians in the Diaspora will obtain BVNs by the end of the year
- He said this is to enable them to manage their accounts and conduct business remotely
- Nigerians claimed the initiative is only a way to tax them and said that they already have BVNs
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigerians in the Diaspora will obtain Bank Verification Numbers (BVN) by the end of the year.
He said the Nigerian Inter-Bank Settlement System (NIBSS) will introduce a non-resident BVN platform to enable Nigerians in the Diaspora to manage their local bank accounts, conduct business and meet Know Your Customer (KYC) requirements anywhere in the world.
Cardoso made this known during a meeting with members of the Nigerian community in Washington, D.C., on Tuesday, October 22.
According to The Nation, Cardoso said: “As far as we are concerned, it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing your business in your original country.
“I want to tell you that starting in December 2024, Nigerians in the diaspora will no longer face the hurdle of travelling long distances for physical biometric verifications to access financial services.
“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely, making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.
“This initiative, in collaboration with our banks, marks a significant step towards greater financial inclusion and accessibility as we continue to roll out innovative solutions.”
Nigerians react to CBN Governor’s announcement
While reacting to the news, Many Nigerians claimed that it was only a ploy to get Nigerians abroad to pay taxes for being citizens. Others commended the initiative and advised that they also be given the right to vote, among other things. Some Nigerians in the Diaspora who reacted to the news claimed to already have BVNs before leaving the country and added that the government only wants to waste resources.
Here are some of the reactions that trailed the news.
@Eze_thought posted: “Well, not the worst idea if there’s a good incentive to do so. 1. The government has to give them the right to vote from abroad. 2. Nigeria must guarantee them rock-solid legal and diplomatic support in they get into trouble in those countries. 3. Nigeria must guarantee their security in the case of kidnapping. 4. Nigeria must be willing to go to war for those in the diaspora if there’s a mass persecution against them. 5. Nigeria must have a fast emergency evacuation plan and service for them if a war breaks out.”
@i_ikeazota posted: “Having BVN to still track their foreign currency in abroad or to start putting up for tax payments.”
@Ayyub993 posted: “Nigerians in diaspora are going to start paying taxes for being citizens. If not then why do BVN for people who fled the country.”
@emmystevenx posted: “What do they need the BVN for? Especially the ones that are never going to come back.”
@iszzyiniho1 posted: “In my knowledge, Having BVN to still track their foreign currency in abroad or to start putting up for tax payments.”
@Alexandaaahh posted: “Very soon they'll propose tax for the diasporans.”
@chizye posted: “Lol, they must be joking. We already have BVN, why do they want to waste our resources.”
@Corperemma_001 posted: “Tinubu Govt is now planning to tax Nigerians in diaspora. Once the idea is implemented, the federal government will charge Stamp Duty on their transactions. This will help the Govt to get the necessary foreign reserve needed to stabilize the naira 😂”
@Guchijones4 posted: “They already do, if they didn't how come they control their bank accounts from overseas.”
@thelasttrump_ posted: “Nigerians in diaspora cannot take part in elections at home but you need their money?? “
CBN, SEC sanction 10 banks for forex violations
Meanwhile, TheRadar earlier reported that the regulatory agencies responsible for overseeing the activities of deposit money Banks in Nigeria sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences.
These agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, imposed fines totalling N1.502 billion as penalties within the first six months of 2024.