What You Need To Know About New CBN Rules
Starting May 1, 2026, the Central Bank of Nigeria (CBN) will implement stricter Bank Verification Number (BVN) guidelines designed to strengthen digital banking security and curb rising fraud. These updates primarily affect mobile banking access, device management, and identity verification. [1, 2, 3, 4, 5] Key Rules & Restrictions One Device per Banking App: Mobile banking apps will be restricted to a single device at a time. Automatic Logout: Logging in on a new device will automatically deactivate the app on the previous device. Enhanced Verification: Switching devices will now trigger additional security and authentication steps before access is granted. Transaction Cap on New Devices: For the first 24 hours after activating a banking app on a new device, transactions will be capped at ₦20,000. Lifetime Phone Number Limit: Customers can only change the phone number linked to their BVN once in their lifetime to prevent SIM-swap fraud. 18+ Age Requirement: BVN registr...
