The Central Bank of Nigeria (CBN) has directed financial institutions to establish and maintain a temporary watchlist for Bank Verification Numbers (BVNs) implicated in suspected fraudulent transactions reported by any financial institution in the country.
In a circular to all banks, Other Financial Institutions and Payment Service Providers (PSP), posted on its website on Friday, the apex bank also stated, among other things, that amendments to phone numbers linked to a BVN shall be allowed only once.
It said that the directives take effect from May 1, 2026. The circular read: “The Central Bank of Nigeria (CBN), in line with its mandate of promoting financial system stability, hereby issues the following amendments to the Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021.
