CBN Announces New Age Requirement, Guidelines For BVN Operations
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 d...










