**CBN Introduces New BVN Rules to Combat Fraud** In a bid to safeguard Nigerians' financial information, the Central Bank of Nigeria (CBN) has announced a new rule restricting the number of times a phone number can be linked to a Bank Verification Number (BVN). According to the CBN, this change will take effect from May 1, 2026, and will only allow individuals to update their phone number linked to their BVN once in a lifetime. This move aims to curb the rising cases of SIM-related fraud in Nigeria, which has been a major concern for the financial sector. BVNs play a crucial role in Nigeria's banking infrastructure, being used for transaction alerts, one-time passwords, and account recovery processes. However, with the increasing use of digital payments, these phone numbers have become a point of vulnerability for fraudsters. Introduced in 2014, the BVN system has been instrumental in securing Nigerians' financial information. As of March 2026, over 68.59 million Nigerians have enrolled in the BVN system. The CBN's new rule is designed to prevent identity manipulation and reduce the risk of SIM-related fraud, which can lead to unauthorized access to financial accounts. In addition to this restriction, the CBN has directed financial institutions to establish a temporary watchlist for BVNs linked to suspicious activity. This watchlist will allow banks to verify transactions and prevent potential fraudulent activity before funds are transferred. This measure is a significant step towards enhancing the security of Nigeria's financial system. The CBN's move reflects a growing regulatory effort to combat financial crimes in Nigeria. With the increasing use of digital payments, it is essential to ensure that the country's financial infrastructure is secure and protected from threats. This new rule is a step in the right direction, and Nigerians can expect a safer and more secure financial environment as a result.