Edino Chubiyo Cornelius 
Central Bank of Nigeria headquarters in Abuja
ABUJA, Nigeria – The Central Bank of Nigeria introduces a new fraud-monitoring rule requiring banks and financial institutions to place suspicious Bank Verification Numbers (BVN) on a temporary watchlist for up to 24 hours during investigations.
The directive appears in a circular on Friday, signed by Director of the CBN’s Payments System Policy Department, Musa I. Jimoh.
Under the revised regulatory framework, any BVN linked to suspected fraudulent transactions may be temporarily flagged while the account holder is contacted for clarification.
“A BVN may remain on this temporary watchlist for a maximum period of twenty-four hours. During this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular states.
The new measure forms part of the apex bank’s efforts to strengthen Nigeria’s financial system and combat electronic fraud.
The policy also introduces stricter rules for BVN management. CBN Orders Banks to Flag Suspicious BVNs for 24 Hours
According to the CBN, BVN registration will be restricted to individuals aged 18 years and above, while phone numbers linked to BVNs can be amended only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular adds.
The bank further emphasises that access to the BVN database will remain restricted.
“Access to the BVN databases shall be exclusively granted to CBN-licensed financial institutions,” the regulator states.
However, the apex bank says it reserves the right to grant limited access in exceptional circumstances in line with existing laws.
Financial institutions are expected to comply with the new requirements before the policy takes effect on May 1, 2026.
Customers whose BVNs are flagged may receive alerts from their banks requesting clarification regarding suspicious transactions.
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