CBN Issues New BVN Rules, Limits Phone Number Changes

The Central Bank of Nigeria (CBN) has introduced new rules for Bank Verification Number (BVN) operations to strengthen fraud monitoring in Nigeria’s banking sector. The update was contained in a circular dated March 12, 2026, signed by Musa I. Jimoh, Director of the Payments System Policy Department, and will take effect from May 1, 2026.

Under the new guideline, banks must create a temporary watch-list for BVNs linked to suspicious transactions. A BVN can remain on the list for up to 24 hours while the bank contacts the account holder to explain the transaction.

The policy also introduces an age limit for BVN registration. Only individuals aged 18 years and above will now be allowed to enrol for a BVN. In addition, phone numbers linked to a BVN can only be changed once.

The CBN added that access to BVN databases will remain limited to financial institutions licensed by the bank, except in special cases permitted under existing laws. The measure is part of efforts to promote stability and ensure uniform BVN procedures across banks and other financial service providers.