Nigeria’s banking regulator has introduced new measures aimed at strengthening the country’s financial security systems. The latest changes affect how the Bank Verification Number (BVN) operates across the banking sector.
In a circular issued on March 12, 2026, the Central Bank of Nigeria announced an addendum to its revised framework guiding BVN operations. The directive was signed by Musa I. Jimoh, Director of the Payments System Policy Department.
The updated framework introduces tighter monitoring procedures for suspicious banking activity. It also places new limits on certain updates linked to BVN records.
Officials say the policy forms part of efforts to improve financial system stability across Nigeria.
New BVN rules Nigeria banks must follow
Under the revised rules, financial institutions must now create a temporary watch-list for BVNs connected to suspected fraudulent transactions.
The circular explains that flagged BVNs will remain on the list for a limited period while banks review suspicious activity.
“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.
During this time, banks may reach out to customers to clarify the transactions involved. Authorities believe this approach will allow quicker responses to possible fraud.
The rule applies across banks, other financial institutions, and payment service providers regulated by the Central Bank of Nigeria.
Another key change affects personal information updates linked to BVN records.
Under the new rules, individuals can only change the phone number attached to their BVN once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
Age limit and tighter database access
The updated guidelines also introduce an age requirement for new BVN registrations.
According to the circular, only individuals aged 18 years and above will be allowed to enrol for a BVN.
Regulators believe this change will strengthen identity verification procedures within Nigeria’s banking system.
Access to the BVN database will also remain tightly controlled. Only financial institutions licensed by the Central Bank of Nigeria will continue to receive direct access.
However, the bank left room for rare exceptions.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions. Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
The regulator explained that the new measures support its mandate of maintaining financial system stability.
Authorities also want to ensure that monitoring procedures remain consistent across Nigeria’s banking sector.
The updated rules will take effect on May 1, 2026. Banks and financial institutions are expected to comply with the new framework.
For customers, the most noticeable impact may come when banks flag suspicious transactions. In such cases, account holders may receive calls or messages asking them to confirm recent activity.
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