The CBN has released a new circular (Tuesday) updating banks on their earlier instruction to restrict daily usage of FX usage by individuals abroad. Earlier in the year, the CBN had asked that Banks restrict individuals to a daily withdrawal limit of $300 and annual of $50,000 whenever they use their ATM card to transact abroad.
Last week the CBN postponed the BVN registration exercise following a large turnout on the day of the earlier expiry date of June 30th, 2015. The CBN obviously sees the large turnout as an acceptance of its grand plan to perhaps track everything that you do. How? An example is what was contained in the circular it just issued.
The CBN in its instruction to banks asked them to “submit reports of all Naira denominated cash transactions consummated overseas to NIBSS on a daily basis.” NIBSS by the way is the merchant banks use to run their ATM platforms and perform online banking transactions. It then further said the report must be sent electronically in a CSV format , via a file upload portal as specified by NIBBS, which will include Bank Verification Number (BVN) and the account numbers of the card holder for each transaction.”
So there you have it!!
The first use of the BVN is to track your every move even when you are outside the country. The CBN will know how much you spend, what you spent it on and when you spent it. To make it worse, that information will be shared over the air through a portal that you and I don’t know if it is secured or not. It also gets to be used by multiple people who will be sifting through thousands of customer data. Who knows what could happen if it falls in the wrong hands.
IS THIS WHAT YOU WANT? SHOULDN’T THERE BE A LAW SUPPORTING HOW BVN SHOULD WORK AND BE — USED?