CBN Tightens BVN Rules to Combat Fraud Starting May 2026

The Central Bank of Nigeria (CBN) announced the introduction of stricter rules regarding the Bank Verification Number (BVN) enrollment to combat suspected fraudulent transactions, effective May 1, 2026. This decision was disclosed in a statement issued over the weekend and signed by Musa Jimoh, Director of the Payment System Policy Department.

The revised regulatory framework includes the establishment of a temporary watchlist for BVN holders implicated in suspected fraudulent transactions. Individuals aged 18 and above will have their phone numbers linked to their BVN, with restrictions on changes to this information.

BVN owners placed on the watchlist must clarify their identities within a maximum period of 24 hours. The CBN maintains exclusive rights to access the BVN database, granting access only to licensed financial institutions.

This regulatory amendment is part of the CBN's broader strategy to stabilize the financial system and enhance measures against money laundering and terrorist financing.