CBN Announces 10 New BVN Rules Nigerians Must Follow Starting May 1

• The Central Bank of Nigeria has unveiled 10 major changes to the new BVN system, introducing stricter controls on devices, transactions, and fraud monitoring ahead of a May 1 rollout.

• The Central Bank of Nigeria (CBN) has introduced sweeping reforms to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to curb fraud and strengthen digital banking security across Nigeria.

The new guidelines will significantly change how millions of Nigerians access mobile banking services, switch devices, and manage their personal banking details, with tighter controls and enhanced monitoring mechanisms.

The 10 New BVN Rules:

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 previously linked device.
3. Customers must undergo additional verification before accessing their account on a new device.
4. BVNs flagged for suspicious transactions will be placed on a 24-hour watchlist.
5. Banks may temporarily freeze or restrict accounts linked to flagged BVNs during investigation.
6. Customers can only change their BVN-linked phone number once.
7. The restriction is aimed at reducing SIM-swap fraud and unauthorised access.
8. Only individuals aged 18 and above are eligible to register for a BVN.
9. Minors must operate bank accounts under the supervision of a parent or guardian.

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1. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.

According to the CBN, the measures are part of broader efforts to strengthen the integrity of Nigeria’s financial system, enhance customer protection, and tackle rising cyber threats.

While the changes are expected to improve security, they may also introduce some inconvenience for Nigerians used to seamless banking access across multiple devices. Customers are advised to familiarise themselves with the new rules ahead of implementation to avoid disruptions.