The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to create and maintain a temporary watchlist for Bank Verification Number (BVN) linked to suspected fraudulent transactions.
In a circular dated March 12, 2026, and signed by the Director of the Payments System Policy Department, Musa I. Jimoh, the apex bank stated that any BVN flagged for suspicious activity may remain on the temporary watchlist for a maximum of 24 hours.
During this period, the BVN holder will be contacted to provide clarification regarding the flagged transaction.
“A BVN may remain on this temporary watchlist for a maximum period of twenty-four (24) hours. Within this time, the BVN owner will be contacted to explain the identified transaction(s),” the circular stated.
The directive forms part of new measures introduced under a revised regulatory framework designed to strengthen the stability of Nigeria’s financial system.
The circular also introduced a minimum age requirement for BVN registration, stating that only individuals who are at least 18 years old are eligible to enrol.
In addition, the CBN announced that phone numbers linked to a BVN can only be changed once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the apex bank said.
The CBN further noted that access to BVN databases will remain strictly controlled and limited to financial institutions licensed by the apex bank.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria licensed financial institutions,” the circular stated.
However, the apex bank added that it reserves the right to grant access to the database in exceptional circumstances, provided such approval complies with existing laws.
Financial institutions are expected to comply with the new regulations, while customers may be contacted by their banks if their BVNs are temporarily flagged under the new fraud monitoring system.
According to the CBN, the policy will take effect from May 1, 2026.