The Pathfinder
Saturday March 14, 2026
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The Central Bank of Nigeria (CBN) has introduced stricter regulations governing the operation of the Bank Verification Number (BVN) in a move aimed at curbing fraudulent transactions within the banking system.
In a statement signed by Musa Jimoh, director of the Payment System Policy Department, the apex bank announced that the new measures will take effect from May 1.
Under the revised framework, the CBN stated that BVN enrolment will be restricted to individuals aged 18 years and above, while phone numbers linked to a BVN can only be changed once.
The bank also directed financial institutions to establish a temporary watchlist for BVNs suspected to be involved in fraudulent transactions.
According to the CBN, any BVN placed on the watchlist will remain there for a maximum period of 24 hours while the account holder is contacted to clarify the flagged transaction.
The apex bank further stressed that access to BVN databases remains exclusive to CBN-licensed financial institutions, although the regulator retains the authority to approve access in exceptional circumstances in line with existing laws.
The CBN said the updated guidelines form part of ongoing regulatory measures designed to strengthen the integrity and stability of Nigeria’s financial system.
The move follows the bank’s recent introduction of automated anti-money laundering standards for financial institutions to enhance the detection and prevention of illicit financial activities.
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