By Nworisa Michael
The Central Bank of Nigeria (CBN) has released updated guidelines on the operation of the Bank Verification Number (BVN), directing banks and financial institutions to maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions.
In a circular dated March 12, 2026, signed by Musa I. Jimoh, Director of the Payments System Policy Department, the CBN stated that any BVN associated with suspicious activity may be placed on a watch-list for a maximum of 24 hours. During this period, affected customers will be contacted for clarification before any further regulatory action is taken.
“This directive forms part of a revised regulatory framework designed to strengthen compliance, curb fraud, and enhance the stability of Nigeria’s financial system,” the circular explained.
Other key points from the circular include:
- Age restriction: Only individuals aged 18 and above are eligible for BVN registration.
- Phone number changes: Amendments to phone numbers linked to a BVN are permitted only once.
- Database access: Only CBN-licensed financial institutions can access the BVN database, although the CBN may grant access in exceptional circumstances under the law.
Financial institutions are expected to implement the new requirements, and customers may be contacted if their BVNs are temporarily flagged under the new fraud-monitoring process.
The CBN stated that the new policy will take effect from May 1, 2026
