Central Bank of Nigeria (CBN) has brought out 10 new BVN rules to take effect from May 1, 2026 with these rules changing how you use mobile banking, switch phones, and manage your account details.
Here are the 10 key changes announced by the Central Bank of Nigeria to curb fraud and tighten digital banking security.:
1. One device per banking app.
2. Automatic logout on new device.
3. Extra verification checks: Switching devices triggers additional identity verification like OTP, Face ID, or security questions.
4. 24-hour fraud watchlist — BVNs linked to suspicious transactions go on a temporary 24-hour watchlist while banks contact you
5. Accounts may be frozen temporarily — Banks can restrict or freeze accounts linked to flagged BVNs during checks
6. ₦20,000 limit on new devices
7. One-time phone number change: You can only update your BVN-linked phone number once in your lifetime
8. Minimum age set at 18 as only adults can enroll for BVN now. 9) minors must use guardian-managed accounts
10. SIM-swap fraud and unauthorised access now targeted.
Why is CBN doing this?
CBN has explained that they are doing this to curb SIM-swap fraud, unauthorized access, and identity theft have spiked. The 24-hour watchlist lets banks act fast without immediately freezing legitimate accounts.
Part of broader push to reduce electronic fraud and restore confidence in digital banking.
What you are required to do before May 1
1. Confirm your BVN-linked phone number and make sure it’s active, secure, and permanently yours
2. Update details early and if you must change your number, do it now before you’re locked into the one-time limit
3. Secure your devices.
There is still limited to CBN-licensed financial institutions only
BVN database has now hit 68.6 million by March 2026 as Nigerians rush to link accounts before deadline.
The CBN says the short-term inconvenience should significantly improve account security.
