CBN Introduces New BVN Guidelines Effective May 2026

The Central Bank of Nigeria (CBN) has released new guidelines concerning the operation of the Bank Verification Number (BVN), as detailed in a circular dated March 12, 2026. The CBN has established a temporary watchlist for bank verification numbers implicated in suspected fraudulent transactions.

This watchlist will remain in effect for a maximum period of twenty-four (24) hours, during which the owner must contact the bank for clarification. The circular emphasizes that individuals must be at least eighteen (18) years old to register for a BVN.

Additionally, the CBN has amended the policy regarding phone numbers linked to BVNs, allowing changes only once. Access to the BVN database will be tightly controlled, and financial institutions are expected to comply with these new requirements.

The new fraud monitoring process will take effect on May 1, 2026, and customers may find their BVNs temporarily flagged during this period.