The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to establish and maintain a temporary watchlist for Bank Verification Number (BVN) linked to suspected fraudulent transactions.
In a circular dated March 12, 2026, signed by the Director of the Payments System Policy Department, Musa I. Jimoh, the apex bank said any BVN flagged for suspicious activity may remain on the temporary watchlist for a maximum period of 24 hours.
According to the circular, the BVN holder will be contacted within that period to provide clarification regarding the identified transactions.
“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 CBN explained that the directive forms part of a revised regulatory framework aimed at strengthening fraud monitoring and enhancing stability within Nigeria’s financial system.
The new guidelines also introduce an age requirement for BVN registration, restricting enrolment to individuals who are at least 18 years old.
Additionally, the apex bank stated that amendments to phone numbers linked to a BVN will only be permitted once.
The CBN further noted that access to BVN databases will remain strictly controlled and limited to financial institutions licensed by the bank.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria licensed financial institutions,” the circular said, adding that the bank may grant special access in exceptional circumstances in line with existing laws.
Financial institutions are expected to comply with the directive, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The policy is scheduled to take effect from May 1, 2026.