The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a temporary watchlist for Bank Verification Numbers (BVNs) linked to suspected fraudulent or suspicious transactions.
Under the new directive, any BVN placed on the temporary watchlist will face restrictions for a limited period, during which the account holder must be contacted to explain or clarify the flagged transactions.
The policy was outlined in a circular issued by the apex bank on Thursday and signed by Musa Jimoh, Director of the Payments System Policy Department, as part of an updated regulatory framework aimed at strengthening the integrity of Nigeria’s financial system.
“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 stated.
The measure is designed to enable quick intervention in potential fraud cases while protecting legitimate account holders from prolonged restrictions, allowing innocent customers to resolve flagged issues within the 24-hour window.
The CBN also introduced a minimum age requirement for BVN registration, stating that only individuals 18 years and above are eligible to enrol for a Bank Verification Number.
According to the apex bank, the updated guidelines form part of broader efforts to curb financial fraud, strengthen customer due diligence, and improve accountability within Nigeria’s banking sector.
