CBN Confirms Tighter BVN Rules To Begin May 1st, 2026

The Central Bank of Nigeria has confirmed that sweeping new regulations governing the Bank Verification Number framework will take effect from May 1st, 2026, introducing strict lifetime limits on phone number changes and new transaction caps aimed at curbing rising financial fraud . The apex bank communicated the addendum to the revised regulatory framework in a circular to all financial institutions and payment service providers, directing immediate compliance ahead of the enforcement date.

One of the most significant changes restricts customers to changing the phone number linked to their BVN only once in their lifetime. The CBN stated in its circular, “Amendments to phone numbers linked to a BVN shall be allowed only once,” a measure designed specifically to combat SIM-swap fraud where criminals hijack phone numbers to access bank accounts . Officials advise customers to link their BVN to a secure, long-term number already tied to their National Identification Number.

The new guidelines also mandate that financial institutions establish a temporary watchlist for BVNs implicated in suspicious transactions. According to the directive, “A BVN may remain on this temporary watchlist for a maximum period of twenty-four hours. During this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s)” . The CBN noted that accounts linked to flagged BVNs may be temporarily restricted or frozen pending verification.

Additional provisions include a restriction of mobile banking apps to a single device at a time. Logging in on a new device will automatically deactivate access on the previous one and trigger additional authentication checks . To further protect customers, transactions on newly activated devices will be capped at N20,000 within the first 24 hours.

The CBN has also set 18 years as the minimum age for BVN enrolment. “Enrolment for BVN is restricted to individuals who have attained the age of eighteen years and above,” the circular read, meaning minors will no longer hold independent BVNs and must operate through guardian-controlled accounts. Access to BVN databases will now be exclusively granted to CBN-licensed financial institutions, with exceptions only under strict regulatory approval.

Industry data shows digital payment fraud losses declined significantly in 2025, and regulators say these new measures are part of a strategic push to further strengthen the financial system’s integrity as digital transactions surge . Customers are urged to verify that their BVN-linked phone numbers are active and secure before the May 1st deadline to avoid potential disruptions or permanent restrictions on their accounts.