The Central Bank of Nigeria (CBN) has introduced sweeping changes to the Bank Verification Number (BVN) system, effective May 1, 2026. The overhaul targets fraud prevention, particularly in response to rising SIM-swap attacks that exploit mobile number vulnerabilities. A key rule limits customers to changing the phone number linked to their BVN exactly once in their lifetime; after that, the number is permanently locked. This measure aims to block fraudsters who hijack phone numbers to intercept OTPs and access bank accounts. As of December 2025, Nigeria had 67.8 million BVN registrations, up from 51.9 million in 2021, reflecting increased digital banking activity.
Mobile banking apps will now be restricted to a single device, with automatic sign-out from old devices upon logging in from a new one. Switching devices requires additional identity verification, which may delay access during emergencies. For the first 24 hours after activation on a new device, transaction limits are capped at ₦20,000. The CBN also plans real-time watchlisting of suspicious BVN activity and stricter device registration protocols. These rules apply across all CBN-licensed financial institutions. Digital payment fraud losses fell from ₦52.26 billion in 2024 to ₦25.85 billion in 2025, a 51 percent drop, but the CBN views further safeguards as necessary.
The CBN is locking Nigerians into a single phone number change for life, yet offers no assurance that banks or telecom providers will bear responsibility if a customer loses access due to no fault of their own. Millions who registered BVNs through agents or borrowed lines may now face permanent exclusion from banking services after using their one allowed change. The ₦20,000 transaction cap on new devices could freeze urgent payments, exposing a gap between policy design and real-life financial emergencies. This framework assumes perfect user behaviour while ignoring systemic failures in customer service and identity management.
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