By BUNMI AJAYI

The Central Bank of Nigeria has extended the registration deadline for Bank Verification Number to 31 October 2015.

The new development was disclosed on Tuesday in a circular issued to all Deposit Money Banks Operating in the country.

The circular which dated Tuesday, June 30 was sign by the director Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun, with reference number BPS/DIR/GEN/CIR/02/008. The apex bank made it known that the extension is necessary in order to give Customers of DMBs more time to participate in the enrolment exercise.

The circular stated that there is need for ample time to be given to the Nigerian banks customers in the Diaspora to enroll. Part of the circular reads, “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 programme. The guideline for their enrolment 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 enrolment 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 have inadequate requirement with respect to the Know Your Customer guidelines.