5 New BVN Rules Nigerians Should Know Before May 1

 5 New BVN Rules Nigerians Should Know Before May 1

As Nigeria moves to strengthen its banking system, the Central Bank of Nigeria (CBN) has introduced new rules for the Bank Verification Number (BVN), set to take effect from May 1, 2026. These changes are designed to improve security, reduce fraud, and better protect customers’ accounts.

If you have a bank account, here are five important updates you should understand:

1. You Can Only Change Your BVN Phone Number Once

Going forward, Nigerians will be allowed to update the phone number linked to their BVN just once in a lifetime.

This rule is aimed at tackling SIM-swap fraud, where criminals take over phone numbers to access bank accounts. 

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 Tip: Make sure your BVN is linked to a phone number you plan to keep for a long time.

2. BVN Registration Is Now Strictly for Adults

The minimum age for getting a BVN is now 18 years.

This means children can no longer own independent BVNs. Instead, parents or guardians will manage accounts on their behalf using special banking options for minors. 

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3. Suspicious Accounts Will Be Temporarily Restricted

If any unusual activity is detected on your account, your BVN can be placed on a 24-hour watchlist.

During this period, your account may be restricted while the bank verifies the activity. 

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This quick action helps stop fraud before money is moved out of reach.

4. One Device Per Banking App

You will now be limited to using your mobile banking app on only one device at a time.

If you log in on a new phone, access on the old one will automatically be removed, and extra security checks may be required. 

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5. Transaction Limits on New Devices

When you start using your banking app on a new device, there will be a temporary transaction limit of ₦20,000 within the first 24 hours. 

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This safety measure helps reduce losses in case of unauthorized access.

What You Should Do Now

Before the May 1 deadline, it’s wise to prepare:

Confirm that your BVN is linked to a secure and active phone number

Update your details early if necessary

Be ready for stricter login and verification processes

Final Thoughts

These new BVN rules may feel a bit strict at first, but they are all about keeping your money safer. With fraud cases becoming more sophisticated, the CBN is focusing on stronger identity protection and tighter controls.

For Nigerians, the message is simple: stay informed, update your details, and secure your banking access ahead of the deadline.