According to the circular, dated March 12, 2026, financial institutions are now required to establish and maintain a temporary watch-list for BVNs implicated in suspected fraudulent transactions.
The Central Bank of Nigeria (CBN) has issued an addendum to its Revised Regulatory Framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian banking industry, introducing several new measures aimed at enhancing financial system stability.
The circular, signed by Musa I. Jimoh, Director of the Payments System Policy Department, takes effect from May 1, 2026.
According to the circular, dated March 12, 2026, financial institutions are now required to establish and maintain a temporary watch-list for BVNs implicated in suspected fraudulent 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 addendum also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
In addition, the CBN announced restrictions on phone number amendments linked to BVNs. “Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
Access to BVN databases will remain tightly 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.
The CBN emphasised that the new measures are part of its mandate “of promoting financial system stability”, ensuring that BVN operations and watch-list procedures are consistently applied across all banks, other financial institutions, and payments service providers.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
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