The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) regulations set to take effect from May 1, 2026. The move is aimed at strengthening banking security and tackling the growing rate of financial fraud in Nigeria.

These rules will apply to all banks, fintech platforms, and licensed financial institutions across the country.

Key Highlights of the New BVN Rules

  1. One-Time Phone Number Update
    Customers can now change the phone number linked to their BVN only once in their lifetime. This is designed to reduce SIM-swap fraud, a common method used by criminals to gain access to bank accounts.
  2. One Device Per Banking App
    CBN has introduced a strict one-device policy for mobile banking apps. Users can only access their banking app on one device at a time. Logging in on a new device will automatically log out the previous one.
  3. ₦20,000 Transaction Limit on New Devices
    When a customer logs in on a new device, transactions will be limited to ₦20,000 within the first 24 hours. After successful verification, normal limits will be restored.
  4. 24-Hour Watchlist for Suspicious BVNs
    Banks can now place suspicious BVNs under a 24-hour watchlist. During this period, accounts may be temporarily restricted while investigations are carried out to prevent fraud.
  5. BVN Registration Restricted to Adults
    Only individuals aged 18 and above can now register for a BVN independently. Minors will require guardian-linked arrangements approved by banks.

Why These Changes Matter

According to the CBN, the new policies are designed to protect customers from identity theft, account takeovers, and other digital banking threats. With the rise in online transactions, stricter security measures have become necessary.

For Nigerians, this means being more cautious when changing phone numbers, switching devices, or managing bank accounts. While the rules may seem restrictive, they are intended to improve trust and safety in the financial system.