Central Bank of Nigeria Introduces New BVN Guidelines, Tightens Banking Security from May 1
The Central Bank of Nigeria has announced new guidelines for the Bank Verification Number (BVN) system, set to take effect from May 1, 2026, introducing stricter controls on how Nigerians access and manage their bank accounts.
Under the updated rules, the apex bank will enforce enhanced security measures, including limits on one-device login, a one-time phone number change policy, and the possibility of temporary restrictions on accounts flagged for suspicious activity.
The CBN said the new framework is designed to curb fraud and strengthen the integrity of Nigeria’s digital banking ecosystem, as financial transactions continue to migrate to online platforms...READ FULL STORY; FROM THE SOURCE.
With the policy applying to all BVN holders nationwide, customers have been advised to update and secure their personal details ahead of the implementation date to avoid potential service disruptions.
The bank noted that accounts found to be involved in suspicious transactions may face temporary restrictions as part of efforts to protect customers and the financial system.
