The Business NG - April 09, 2026

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The Central Bank of Nigeria has introduced stricter Bank Verification Number (BVN) regulations that will take effect from May 1, 2026, prompting concerns among bank customers about potential account restrictions.
Under the new rules, mobile banking apps will be limited to one device at a time. Logging in on a new device will automatically deactivate access on the previous device and trigger additional authentication checks. Customers will also face a temporary ₦20,000 transaction cap during the first 24 hours of accessing their accounts on a new device, aimed at minimizing losses if accounts are compromised.
A major change is the one-time limit on phone number updates linked to BVNs, designed to combat rising SIM-swap fraud. Customers are st2rongly advised to link their BVN to a secure, long-term phone number, preferably one already tied to their National Identification Number (NIN)