The Central Bank of Nigeria (CBN) has issued new directives requiring banks and financial institutions to maintain a temporary watchlist for Bank Verification Numbers (BVN) involved in suspected fraudulent transactions.
According to a circular dated March 12, 2026, signed by Musa I. Jimoh, Director of Payments System Policy, BVNs flagged for suspicious activity may be placed on the watchlist for up to 24 hours, during which the account holder will be contacted to provide clarifications.
The move is part of a revised regulatory framework aimed at strengthening the stability and security of the financial system.
The circular also introduces an age requirement for BVN registration, restricting enrollment to individuals 18 years and older. Additionally, changes to phone numbers linked to a BVN will now be allowed only once.
Access to BVN databases will remain strictly controlled and limited to CBN-licensed financial institutions, though the apex bank may grant exceptions under special circumstances as permitted by law.
Banks are expected to comply with the new rules, and customers whose BVNs are temporarily flagged may be contacted by their institutions for verification.
The new policy is set to take effect on May 1, 2026.
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