Major Nigerian banks say that a biometric Bank Verification Number initiative that has been implemented by the central bank will cut down on foreign exchange fraud.Executive Director of Sterling Bank Plc, Abubakar Suleiman, told journalists in Lagos said the BVN scheme would help to move the banking sector to the next level.He pointed out a case where people have been violating the Central Bank of Nigeria's recent policy on the use of naira-denominated debit cards for transactions abroad.The Central Bank of Nigeria in collaboration with the Bankers Committee in April reduced the amount each naira-denominated debit cardholder could spend abroad from $150,000 to $50,000 per annum. It also pegged customers' daily withdrawals overseas at $300.In April, the Managing Director of the Nigeria Interbank Settlement System, Ade Shonubi, also said the ongoing biometric registration of bank customers across the country will boost retail credit in the banking industry.The BVN, an initiative of the CBN and the Bankers' Committee, was launched on February 14, 2014. It is a unique biometric identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity.