The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to create and maintain a temporary watchlist for Bank Verification Numbers (BVNs) linked to suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
