The Central Bank of Nigeria has mandated all banks and other financial institutions to establish and maintain a temporary watchlist for Bank Verification Numbers implicated in suspected fraudulent transactions. This directive takes effect from May 1, 2026.

The apex bank issued the instruction in a circular addressed to all banks, other financial institutions, and payment service providers.

The circular is titled “Addendum to the revised Regulatory Framework for BVN operations and watchlist for the Nigerian Banking Industry 2021.” It was signed by Musa Jimoh, Director of the Payments System Policy Department at the CBN.

The CBN stated that the amendments aim to promote financial system stability. Financial institutions must now place BVNs linked to reported suspicious activities on a temporary watchlist.

“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”

The circular further restricts BVN enrolment to individuals who are eighteen years and above.

“Enrolment for BVN is restricted to individuals who have attained the age of eighteen (18) years and above.”

Amendments to phone numbers linked to any BVN will now be permitted only once.

“Amendments to phone numbers linked to a BVN shall be allowed only once.”

Access to the BVN database remains strictly limited to CBN-licensed financial institutions.

“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.”

The CBN however reserved the right to grant access in exceptional cases.

“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws.”

The apex bank emphasised that all the new provisions will become effective from May 1, 2026.

“Implementation of the above provisions shall take effect from May 1, 2026. Please be guided accordingly.”

The Central Bank of Nigeria, in line with its mandate of promoting financial system stability, hereby issues the following amendments to the Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021.

“Financial Institutions are mandated to establish and maintain a temporary watchlist for BVNS implicated in suspected fraudulent transaction(s) reported by a financial institution.”