Central Bank of Nigeria (CBN) Tightens BVN Regulations to Combat Financial Fraud, Introduces 24-Hour Watch List

April 22, 2026 3ppleloaded 0 Comments

The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) regulations aimed at combating financial fraud, including a 24-hour temporary watch list for accounts linked to suspicious transactions. Starting May 1, financial institutions must flag such BVNs and contact account holders for clarification. While fraud losses declined 51% to N25.85 billion in 2025, Nigeria still ranks 110th out of 112 countries in the global fraud index, highlighting the urgency for stronger measures.

Key Points:

BVN enrolment is now restricted to individuals aged 18 and above.
Changes to phone numbers linked to BVNs are limited to a single instance.
Access to BVN databases is now restricted to licensed financial institutions.
Experts warn that the single phone number change rule may harm genuine customers.
Deeper integration with NIMC biometric data could strengthen security.

The success of these reforms depends on careful implementation and adaptability to emerging fraud threats like deepfake technology.

Sources: Punch Newspaper

Disclaimer: This content, including any advice provided, is for general informational purposes only and should not be considered a substitute for professional medical advice. Always seek guidance from a qualified healthcare professional or your doctor for proper evaluation and treatment. 3ppleloaded.ng does not accept any responsibility for the use of this information.

👉 Are You A WhatsApp User? Do You Want To Get Our News As Fast As Possible On Daily Basis? 👉 Click This Link To Join WhatsApp Channel Now.