CBN Rolls Out New BVN Rules Effective May 1 To Tackle Fraud

The Central Bank of Nigeria (CBN), has announced a series of new regulations guiding the use of the Bank Verification Number (BVN), set to take effect from May 1, 2026, as part of efforts to strengthen banking security and curb rising cases of digital fraud.

According to a report by The Nation Nigeria, the updated framework introduces sweeping changes that will affect how bank customers access mobile banking services, manage their BVN details, and switch devices. 

Under the new rules, mobile banking applications will be restricted to a single device at a time. Logging into a new device will automatically log out the previous one, while switching devices will require additional verification to prevent unauthorized access. 

The apex bank also directed that BVNs linked to suspicious activities be placed on a temporary 24-hour watchlist. During this period, banks may restrict or freeze associated accounts while investigations are carried out. 

In a move targeting SIM-swap fraud, customers will now be allowed to change their BVN-linked phone number only once. The policy is designed to protect sensitive banking credentials often tied to phone numbers. 

Additionally, the CBN has set 18 years as the minimum age for BVN enrollment, meaning minors must operate bank accounts under the supervision of a parent or guardian. 

To further limit fraud risks, transactions carried out on newly activated devices will be capped at ₦20,000 within the first 24 hours. 

Other measures include stricter monitoring of BVN-linked activities and enhanced verification processes aimed at protecting customers from unauthorized access and identity theft.

The CBN emphasized that the reforms are part of broader efforts to improve the integrity of Nigeria’s financial system and ensure safer digital banking experiences for millions of users nationwide.