The Central Bank of Nigeria (CBN) is set to implement a new set of Bank Verification Number (BVN) guidelines from May 1, 2026, introducing stricter controls aimed at curbing fraud, strengthening identity protection, and safeguarding the country’s financial system. �
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Under the revised framework, customers will now be allowed to change the phone number linked to their BVN only once in a lifetime. The policy is designed to address the growing threat of SIM-swap fraud, where criminals hijack phone numbers to gain unauthorised access to bank accounts. Customers are therefore advised to ensure that the number linked to their BVN is secure, active, and preferably the same one connected to their National Identification Number (NIN). �
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In addition, the CBN has directed that mobile banking applications be restricted to one device at a time. This means that once a customer logs into a banking app on a new phone, access on the previous device will be automatically deactivated, followed by fresh authentication checks. �
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To strengthen fraud monitoring, banks are now required to place any BVN linked to suspicious transactions on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or frozen while the bank contacts the customer for verification and clarification. �
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The apex bank has also introduced a minimum age requirement of 18 years for BVN enrolment. Under the new rule, minors will no longer be eligible to hold independent BVNs. Instead, parents and guardians are expected to use structured banking products specifically designed for children and wards. �
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Another major provision is the introduction of a temporary transaction cap of ₦20,000 within the first 24 hours after activating a banking app on a new device. This measure serves as a safety buffer to limit losses in the event of a compromised account during setup. �
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Customers have been urged to take proactive steps before the May 1 deadline by confirming that their BVN-linked phone number remains active and secure, updating any necessary details early, and preparing for stricter login and authentication processes when switching devices or reinstalling banking applications. �
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This latest directive forms part of the CBN’s broader efforts to tighten security across Nigeria’s digital banking space amid rising concerns over fraud and identity theft. �
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CBN Tightens BVN Rules Ahead of May 1 Deadline, Introduces One-Time Phone Change Limit
