By Juliet Ezeh
The Central Bank of Nigeria (CBN) has introduced a new fraud-monitoring measure that will allow banks to temporarily flag suspicious Bank Verification Numbers (BVNs) for up to 24 hours while investigations are conducted.
The directive is contained in an addendum to the Revised Regulatory Framework for BVN operations and watch-list procedures within Nigeria’s banking sector.
In a circular signed by Musa I. Jimoh, Director of the Payments System Policy Department, the apex bank stated that the new guidelines will take effect on May 1, 2026.
Under the new rule, financial institutions must create and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions.
According to the CBN, any BVN placed on the temporary watchlist will remain flagged for a maximum of 24 hours, during which the BVN holder will be contacted by their bank to provide clarification about the suspicious transaction.
The measure is designed to help banks respond more quickly to potential fraud cases without immediately imposing long-term restrictions on customers.
New Limits on BVN Phone Number Changes
The new directive also introduces tighter controls on contact information linked to BVNs.
The CBN stated that phone numbers associated with a BVN can now be changed only once, a move aimed at preventing fraudsters from frequently altering contact details to bypass security checks.
Minimum Age for BVN Registration
Another key provision in the new framework sets the minimum age for BVN enrolment at 18 years, meaning only individuals who have reached adulthood will be allowed to register for the banking identification number.
Restricted Access to BVN Database
The CBN further clarified that access to the BVN database will remain restricted to licensed financial institutions.
However, the apex bank noted that it reserves the right to grant database access in exceptional circumstances in accordance with existing laws.
Part of Wider Financial Stability Efforts
The apex bank explained that the new guidelines are part of its broader effort to strengthen fraud detection systems and ensure consistent BVN monitoring across banks, other financial institutions, and payment service providers.
Customers whose BVNs are flagged under the temporary watchlist system may be contacted by their banks for verification during the monitoring period.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.