The Central Bank of Nigeria (CBN) has introduced new guidelines governing the operation of the Bank Verification Number (BVN) system as part of measures aimed at strengthening the country’s financial security framework and combating fraud.
In a circular dated March 12, 2026, the apex bank directed banks and other licensed financial institutions to create and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions.
The circular was signed by the Director of the Payments System Policy Department at the CBN, Musa I. Jimoh.
24-Hour Watchlist for Suspicious BVNs
According to the new directive, any BVN suspected to be connected with fraudulent financial activities may be placed on a temporary watchlist for a maximum period of 24 hours.
During this period, the BVN owner will be contacted by the financial institution to provide clarification regarding the flagged transaction.
The CBN explained that the new procedure forms part of a revised regulatory framework designed to enhance stability and integrity within Nigeria’s financial system.
New Age Requirement for BVN Registration
The apex bank also introduced a minimum age requirement of 18 years for BVN registration.
This means that only individuals who have attained the age of eighteen will be eligible to enroll in the national biometric banking identification system.
Restriction on BVN Phone Number Changes
Under the new rules, the CBN stated that phone numbers linked to a BVN can only be amended once, a measure intended to reduce identity manipulation and fraudulent account activities.
The circular further emphasised that access to the BVN database will remain strictly regulated.
According to the directive, only financial institutions licensed by the Central Bank of Nigeria will be permitted to access the database.
However, the apex bank maintained that it may grant access in special cases where necessary and in accordance with existing laws.
The CBN stated that the new guidelines will take effect from May 1, 2026, and banks are expected to fully comply with the updated regulations.
Customers may also be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
