CBN Introduces 24-Hour Watchlist for Suspected Fraudulent BVNs

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions in the country to establish and maintain a temporary watchlist for Bank Verification Numbers (BVNs) linked to suspected fraudulent transactions.

The directive was contained in a circular dated March 12, 2026, signed by the Director of the Payments System Policy Department, Musa I. Jimoh.

According to the apex bank, any BVN suspected to be associated with fraudulent activity may be placed on the temporary watchlist for a maximum period of 24 hours, during which the account holder will be contacted to provide clarification on the transaction in question.

The CBN explained that the measure forms part of a revised regulatory framework aimed at strengthening fraud monitoring and safeguarding the stability of Nigeria’s financial system.

“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 stated.

The new framework also introduces stricter conditions for BVN enrolment, limiting registration to individuals who are at least 18 years old.

In addition, the apex bank announced that phone numbers linked to a BVN can only be amended once, a move intended to curb identity manipulation and fraudulent practices within the banking system.

“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular added.

The CBN further emphasised that access to BVN databases will remain strictly regulated and restricted to licensed financial institutions.

However, the bank noted that it reserves the right to approve access to the database under exceptional circumstances, provided such approvals comply with existing laws.

Financial institutions have been directed to comply fully with the new guidelines, while bank customers may be contacted by their financial institutions if their BVNs are flagged during the enhanced fraud monitoring process.

The new policy is scheduled to take effect from May 1, 2026.