Five New CBN's Tough BVN Rules: All You Must Know Before May 1
- CBN implements new BVN regulations to enhance banking security and combat rising fraud cases starting May 2026
- Phone number changes for BVN holders are now limited to once in a lifetime to curb SIM-swap fraud
- New policies include a one-device rule and transaction caps to protect customers from financial crimes
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced fresh Bank Verification Number (BVN) regulations set to take effect from May 1, 2026, in a major move aimed at tightening banking security and reducing rising cases of fraud across the financial system.
The new directives affect all deposit money banks, payment service providers, fintech platforms, and other licensed financial institutions operating in Nigeria.
Source: Twitter
Under the updated framework, customers will face tighter controls on phone number changes, mobile banking access, transaction limits on new devices, and stricter monitoring of suspicious accounts.
The apex bank says the measures are designed to protect customers from identity theft, SIM-swap fraud, account takeovers, and other forms of financial crimes that have become increasingly common in the digital banking space, according to a report by Proshare.
One-time phone number change for BVN holders
One of the most significant changes is the restriction on updating BVN-linked phone numbers.
From now on, customers will only be allowed to change the phone number attached to their BVN once in their lifetime.
This policy is aimed at reducing SIM-swap fraud, in which fraudsters gain access to customers’ bank accounts by taking control of their registered phone numbers.
Channels Television reported that banks have repeatedly identified compromised phone numbers as one of the major channels through which criminals infiltrate customer accounts.
With this new rule, customers are expected to exercise greater caution when updating their contact details.
One banking app, one device rule
The CBN has also introduced a strict one-device-per-app policy for mobile banking users.
This means customers can only actively use their banking app on one device at a time. Once a customer logs into the app on a new phone, the previous device will be automatically logged out.
The measure is intended to reduce unauthorised access and strengthen customer identity verification.
Financial institutions believe this will make it harder for fraudsters to remotely access customer accounts using cloned devices or stolen login credentials.
₦20,000 transaction cap on new devices
Customers who log into their banking apps on a new phone or device will now face a temporary transaction cap of ₦20,000 within the first 24 hours.
This restriction serves as an additional security layer to prevent immediate large withdrawals or transfers in cases of suspicious access.
The CBN sees this as a critical fraud prevention step, especially in situations involving stolen credentials or unauthorised device changes.
After the 24-hour verification window, normal transaction limits may be restored once identity checks are completed.
Suspicious BVNs to face 24-hour watchlist
Banks are now empowered to place suspicious BVNs on a 24-hour fraud watchlist.
During this period, financial institutions can freeze or restrict affected accounts while conducting identity verification and fraud checks.
This temporary hold is expected to improve response time in fraud investigations and prevent the rapid movement of stolen funds across multiple accounts.
BVN registration now strictly for adults
Another major update is the age restriction on BVN registration.
Under the new policy, only individuals aged 18 and above can independently register for a BVN.
This means minors will no longer be able to obtain standalone BVNs for personal banking activities, except through structured guardian-linked arrangements approved by banks.
Source: UGC
What this means for Nigerians
The latest CBN reforms signal a tougher regulatory approach to financial security as digital banking adoption continues to rise.
For millions of Nigerians, the changes mean greater caution when switching devices, updating phone numbers, or opening new accounts.
While some customers may see the rules as stricter, the CBN insists they are necessary to protect users and restore confidence in Nigeria’s banking system.
Why sending above ₦10,000 could now cost ₦60
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has introduced a major review of bank transfer charges aimed at making cashless payments cheaper for millions of Nigerians, especially those making small and frequent transactions.
Under a draft guide to charges for banks and other financial institutions dated April 21, 2026, transfers below ₦5,000 will attract no transaction fee, while interbank transfers between ₦5,000 and ₦50,000 will now cost a flat ₦10.
Transfers above ₦50,000 will remain capped at ₦50, marking one of the biggest pricing changes in Nigeria’s digital payments space in the last six years.
Source: Legit.ng
