The Central Bank of Nigeria (CBN) has introduced new measures aimed at strengthening the security and stability of the country’s financial system by tightening regulations surrounding the Bank Verification Number (BVN).
In a circular dated March 12, 2026, the apex bank issued an addendum to its Revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry.
The directive, which was signed by Musa I. Jimoh, Director of the Payments System Policy Department, will take effect from May 1, 2026.
Under the updated guidelines, all financial institutions are now required to create and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions.
According to the circular, any BVN placed on this watch-list may remain there for a maximum period of 24 hours.
During this period, the BVN holder will be contacted by their bank and asked to provide clarification regarding the transaction that triggered the alert.
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The move is designed to help banks detect and respond to potential fraud more quickly while giving customers the opportunity to explain flagged activities.
The new framework also introduces an age restriction for BVN enrolment, stating that only individuals who are 18 years and above are eligible to register.
In addition, the CBN has placed a strict limitation on modifications to phone numbers associated with BVNs.
Under the new rule, customers will only be allowed to change the phone number linked to their BVN once.
The apex bank also reiterated that access to the BVN database will remain tightly controlled. Only CBN-licensed financial institutions will be permitted to access the database, although the bank retains the authority to grant access in exceptional circumstances in line with existing laws.
The CBN said the revised measures are part of its mandate to promote financial system stability and ensure that BVN operations and watch-list procedures are applied uniformly across banks, other financial institutions, and payment service providers.
Financial institutions are expected to comply fully with the new requirements, while customers may be contacted by their banks if their BVNs are temporarily flagged during the enhanced fraud monitoring process.
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