You might lose access to your bank account if you ignore these new BVN rules

Gloria Adesanya 09:41 - 10 April 2026

CBN Rolls Out New BVN Regulations From May 1: 8 changes that could affect your bank account

CBN introduces new BVN rules effective May 1, 2026. From phone number limits to transaction limits, here are eight key changes Nigerians must know.

If you have a Nigerian bank account, this is one update you shouldn’t ignore.

Central Bank of Nigeria's Headquarter, Abuja

The Central Bank of Nigeria (CBN) is introducing new regulations around the Bank Verification Number (BVN), and they officially take effect from May 1, 2026.

These changes are part of ongoing efforts to curb fraud, tighten identity verification, and protect customers in Nigeria’s increasingly digital banking space.

But what exactly is changing, and how does it affect you? Let’s break it down.

1. You can only change your BVN phone number once

Sim swap

One of the biggest changes is the new lifetime limit on phone number updates. Under the new rule, you can only change the phone number linked to your BVN once, ever.

That phone number is tied to:

OTPs (one-time passwords)
Transaction alerts
Account recovery

If you lose access to that number after using your one allowed change, regaining access to your account could become significantly harder.

This comes amid rising concerns around SIM-related fraud, including cases highlighted in an article that explains how fraudsters use SIM swaps to empty bank accounts in Nigeria.

2. Suspicious transactions can be delayed or blocked

The CBN is introducing a real-time fraud watchlist system. This means if your transaction looks suspicious:

Your BVN can be placed on a temporary watchlist for up to 24 hours
Your transaction may be delayed or paused
Your bank may contact you for verification

This is designed to stop fraud before money leaves your account, but it also means some legitimate transfers could face delays.

3. BVN registration is now strictly 18+

A young man above 18 years holding a smartphone

Going forward, only individuals aged 18 and above can register for a BVN.

This change aligns BVN with legal identity standards and removes minors from direct participation in the BVN system.

For parents, this means children will need to operate through guardian-controlled accounts instead.

4. Access to your BVN data is now tightly controlled

The CBN is tightening control over who can access your BVN data.

Under the new rules:

Only CBN-licensed financial institutions can access BVN records
Access will be strictly regulated and monitored

This is a response to growing concerns around data breaches and identity theft. However, it also means that resolving BVN issues may now require more formal processes.

5. Stricter identity verification across all banks

Also, expect more rigorous KYC (Know Your Customer) checks across all banks.

This means:

More documentation when resolving account issues
Fewer shortcuts when correcting BVN errors
Increased verification for unusual activity

In simple terms, the days of “just go to the bank and fix it quickly” are fading.

6. Mobile banking will be limited to one device

A user dials a USSD code (*894#) on their mobile device to access offline financial services

Another major shift is that your banking app will now be restricted to one device at a time.

Logging into a new phone will log you out of the old one, and you'll need to verify your identity to regain access.

If you decide to switch smartphones or reinstall your banking app, you should expect:

Additional identity verification steps
Possible temporary restrictions on your access
Brief delays before your full account access is restored

This is intended to prevent unauthorised multidevice access. Although neobanks like Opay have already implemented this strategy.

7. New devices will have a ₦20,000 transaction limit (First 24 hours)

Error message

Under the updated framework, your account will be subject to a temporary transaction cap whenever you log in on a new device.

A maximum transfer limit of ₦20,000 will be enforced during the first 24 hours of use. This acts as a safeguard in case there is unauthorised access during the setup.