The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) rules effective from May 1, 2026, aimed at reducing fraud, especially SIM swap and identity theft cases. The regulations include stricter controls on phone number changes, age restrictions, device limits, and temporary account restrictions for suspicious activities. Here is a simple breakdown of what you need to know.
- One phone number change in a lifetime - Customers can only change the phone number linked to their BVN once. Choose carefully.
- 24-hour watchlist for suspicious BVNs - Banks can temporarily restrict accounts flagged for suspicious activity while investigations are conducted.
- BVN registration is now for adults only - Only individuals aged 18 and above can independently register for a BVN. Minors require guardian-linked arrangements.
- One device per banking app - You can only use your banking app on one device at a time. Switching devices triggers a 24-hour transaction limit of N20,000.
- Authorised channels only - BVN services are now limited to CBN-approved banks and financial institutions. Avoid third-party apps or unofficial agents.
The new rules may feel strict, but they are designed to protect your money and reduce fraud. Be more careful with your phone number, devices, and banking activities to avoid unnecessary restrictions.
Sources: Nigerian Tribune
