CBN Changes BVN Rules; What Customers Must Know

The Central Bank of Nigeria, CBN has notified bank customers of its plan to effect some changes to the Bank Verification Number, BVN. The Yemi Cardoso-led apex bank said the updated changes will affect how customers log in, switch devices, and manage their banking details.

According to the apex bank, the change is part of the ongoing efforts to tighten digital banking services in the country, also curb fraud  in the sector, and is effective May 1, 2026.

10 key changes customers must know:

1. Mobile banking apps will be restricted to one device at a time.
2. Logging in on a new device will automatically log out the previous device.
3. Switching devices will require additional verification before access is granted.
4. Suspicious BVNs will be placed on a 24-hour watchlist.
5. Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
6. Customers can only change their BVN-linked phone number once.
7. The rule targets SIM-swap fraud and unauthorised access.
8. Only individuals aged 18 and above can enroll for a BVN.
9. Minors must operate accounts under a guardian.
10. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.