The Central Bank of Nigeria has unveiled a set of stricter Bank Verification Number (BVN) regulations aimed at strengthening banking security and curbing fraud across the financial system.
The apex bank said the new measures, scheduled to take effect from May 1, 2026, introduce tighter controls on mobile banking usage, identity verification, and account monitoring.
Under the guidelines, customers will be restricted to operating their mobile banking application on only one device at a time. Any attempt to log in on a new device will automatically log out the previous one.
The CBN added that switching devices would trigger additional identity verification checks to confirm account ownership and prevent unauthorised access.
As part of enhanced fraud surveillance, BVNs flagged as suspicious will be placed on a 24-hour watchlist, during which accounts may face temporary restrictions or freezes pending investigation.
The policy also introduces limits on transactions from newly activated devices, with a maximum of N20,000 allowed within the first 24 hours.
In addition, customers will only be permitted to change the phone number linked to their BVN once in their lifetime, a measure targeted at tackling fraud associated with unauthorised SIM swaps.
The apex bank further stated that BVN registration will now be restricted to individuals aged 18 and above, while minors will be required to operate bank accounts through their parents or guardians.
According to the CBN, the measures are designed to reduce incidences of fraud and enhance the overall security and integrity of Nigeria’s financial system.
Stakeholders in the banking sector have called for increased public sensitisation to ensure customers understand the new requirements and avoid disruptions when enforcement begins.
