10 things to know about BVN CBN’s new rules starting May 1

The Central Bank of Nigeria (CBN) has introduced ten new rules around Bank Verification Numbers (BVN) in a bid to prevent fraud and better protect digital banking processes.
The new guidelines, which come into effect from 1 May 2026, will impact how customers log in to their bank’s app for mobile banking, switch devices and manage their banking details.

10 main changes:

1. The mobile banking app will be limited to one device at a time.
2. Logging in on a new device will automatically log out on the previous device.
3. Switching devices will require additional verification before access is granted.
4. Suspicious BVNs will be put on a 24-hour watch list.
5. Banks may temporarily limit or freeze accounts associated with flagged BVNs.
6. Customers can only change the telephone number connected to BVN once.
7. The rule targets SIM swap fraud and unauthorized access.
8. Only individuals 18 years of age and older can register for BVN.
9. Minors must operate the account under a guardian.

10. Transactions on newly activated devices will be limited to ₦20,000 in the first 24 hours.

Apex Bank said the move is part of broader efforts to tighten security across Nigeria’s banking system and reduce cases of fraud related to digital transactions.