- During this period, the BVN holder will be contacted to clarify the transactions in question
- In addition, changes to phone numbers linked to a BVN will be permitted just once.
- “Amendments to phone numbers linked to a BVN shall be allowed only once,” the CBN emphasized
The Central Bank of Nigeria (CBN) has directed banks and financial institutions to create a temporary watchlist for Bank Verification Numbers (BVNs) linked to suspected fraudulent activities.
In a circular dated March 12, 2026, signed by Musa I. Jimoh, Director of the Payments System Policy Department, the CBN stated that a BVN flagged for suspicious transactions may remain on the watchlist for up to 24 hours, Eko Hot Blog reports.
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During this period, the BVN holder will be contacted to clarify the transactions in question.
The circular noted that this measure forms part of a broader regulatory update designed to strengthen the stability of Nigeria’s financial system.
“A BVN may remain on this temporary watchlist for a maximum of twenty-four (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular read.
The directive also includes new conditions for BVN enrollment. Only individuals aged 18 years and above are eligible to register for a BVN. In addition, changes to phone numbers linked to a BVN will be permitted just once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the CBN emphasized.
The apex bank further stated that access to BVN databases will remain highly restricted. Only CBN-licensed financial institutions will be permitted to access the information, although the bank may grant exceptions in specific cases in line with applicable laws.
Financial institutions are required to adhere to these updated rules, and customers whose BVNs are temporarily flagged may receive communication from their banks as part of the new fraud monitoring procedures.
The CBN confirmed that the updated policy will take effect from May 1, 2026.
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