New rules introduced by the Central Bank of Nigeria for the Bank Verification Number (BVN) system took effect on 1st May 2026, bringing major changes to how Nigerians access and manage their bank accounts.
The updated guidelines aim to reduce fraud and strengthen the security of digital banking, especially as cases of identity theft and SIM-swap scams continue to rise.
Under the new rules, customers can now use their mobile banking apps on only one device at a time.
Logging into a new device will automatically log out the previous one, and users may face limits on transactions for the first 24 hours.
The CBN also introduced a strict rule on phone number changes linked to BVN.
Customers are now allowed to update their BVN-linked phone number only once.
The move is designed to prevent fraud linked to SIM swaps and unauthorised access.
In addition, banks are required to monitor suspicious activities more closely.
“Financial institutions are now required to establish and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions,” the apex bank said.
Such BVNs can be flagged for up to 24 hours while the account holder is contacted to verify transactions.
The new rules also set a minimum age of 18 for BVN registration, while access to BVN data remains restricted to licensed financial institutions.
Expert opinions support the policy, claiming that it will improve security, while also noting that it may create challenges for some users, especially those dealing with network issues or lost phone numbers.
The CBN has advised customers to update their details and comply with the new rules to avoid disruptions to banking services.
