The Central Bank of Nigeria has announced a new set of guidelines governing the Bank Verification Number (BVN) system, set to take effect from May 1, 2026, as part of efforts to enhance financial security and combat fraud across the banking sector.
In a statement, the apex bank said the updated rules are designed to tighten identity management, improve data protection, and reduce vulnerabilities in Nigeria’s financial ecosystem.
Under the new framework, individuals will be allowed to change the phone number linked to their BVN only once in a lifetime. The CBN advised customers to ensure that their registered phone numbers remain active and secure, as this will be critical for accessing banking services.
The guidelines also introduce stricter fraud monitoring measures. Accounts flagged for suspicious activities may be placed under temporary restrictions for up to 24 hours, during which transactions could be limited. Customers are therefore urged to keep their contact details updated and remain reachable for verification purposes.
In a significant policy shift, BVN enrolment will now be limited to individuals aged 18 years and above, a move aimed at strengthening identity verification standards and reducing misuse of the system.
To enhance data privacy, the CBN stated that only licensed financial institutions will be granted access to BVN data. This is expected to curb unauthorized access and improve consumer confidence in the system.
Additionally, the bank is introducing real-time transaction monitoring to detect and prevent fraudulent activities more efficiently. This will be complemented by a new security measure that places a ₦20,000 transaction limit on digital banking apps for the first 24 hours when accessed from a new device.
The CBN noted that the measures are part of broader reforms to safeguard Nigeria’s banking system and align it with global best practices in financial security.
Financial analysts say the new guidelines could significantly reduce fraud risks, although they may also require customers to adapt to stricter compliance requirements in their daily banking activities.