The Central Bank of Nigeria (CBN) has announced that banks and other financial institutions must create and maintain a temporary watchlist for Bank Verification Numbers (BVN) linked to suspected fraudulent transactions.
The directive was contained in a circular dated March 12, 2026, and signed by the Director of the Payments System Policy Department of the CBN, Musa I. Jimoh.
According to the apex bank, any BVN suspected to be involved in fraudulent transactions may remain on the temporary watchlist for a maximum period of 24 hours.
During this period, the owner of the BVN will be contacted to provide clarification regarding the transaction.
“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 introduced a new age requirement for BVN enrolment, stating that only individuals who are 18 years and above will be allowed to register.
In addition, the CBN stated that changes to phone numbers linked to a BVN will only be permitted once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank further explained that access to the BVN database will remain strictly 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 guidelines. Customers may also be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The CBN said the new policy will take effect from May 1, 2026.
