U-Turn: CBN extends BVN registration deadline to October 31

The Central Bank of Nigeria on Tuesday extended the deadline for the Bank Verification Number registration by four months from June 30 to October 31, 2015.
The apex bank disclosed this in a circular issued to all Deposit Money Banks operating in the country.
The circular dated Tuesday, June 30 with reference number BPS/DIR/GEN/CIR/02/008 was signed by the Director, Banking and Payment Systems Department, CBN, Mr Dipo Fatokun.

The bank in the circular said the extension became imperative in order to give customers of DMBs more time to participate in the enrollment exercise.
It said since the registration exercise had in recent time elicited a lot of interests from customers of DMBs who have crowded the banks in the last few days, there is need to extend the deadline to ensure a smooth completion of the registration process.
The circular further stated that in view of the fact that a lot of Nigerians in the diaspora may not be able to take advantage of the current registration process, a new guideline for their enrollment would soon be issued by the CBN.
The circular reads in part, "It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian banks customers who crowded the banking halls in order to beat the deadline.
"Furthermore, there is the need to give Nigerian banks customers in the diaspora ample time to enroll on the program. The guideline for their enrollment is being finalised and will be released soon.
"In view of the foregoing, it has become imperative for the bank to extend the timeline for all bank customers to have the BVN.
"The deadline for enrollment is hereby extended from June 30th, 2015 to October 31, 2015.
"This extension is expected to facilitate a smooth completion of the registration exercise."
The circular stated that any bank customer without the BVN attached to his account would go have inadequate requirement with respect to the Know Your Customer guidelines.