The Central Bank of Nigeria (CBN) has introduced a new directive requiring banks and other financial institutions to create and maintain a temporary watchlist for Bank Verification Numbers (BVN) connected to suspected fraudulent transactions.
In a circular dated March 12, 2026, the apex bank explained that any BVN linked to suspicious activity may be placed on this temporary watchlist for up to 24 hours. During this period, the owner of the BVN will be contacted to provide clarification regarding the transaction in question.
The new directive is part of an updated regulatory framework designed to strengthen oversight and promote stability within the financial system.
Under the new rule, BVN registration will only be available to individuals who are at least 18 years old. In addition, the bank announced that phone numbers associated with a BVN can only be changed once.
The policy also emphasizes strict control over access to the BVN database. Only financial institutions licensed by the Central Bank of Nigeria will be permitted to access the database, although the apex bank may grant special access in exceptional cases in line with existing laws.
Banks are expected to comply with the new guidelines, and customers may receive inquiries from their financial institutions if their BVNs are temporarily flagged during fraud monitoring checks.
According to the directive, the new regulations will take effect on May 1, 2026.
