The Central Bank of Nigeria (CBN) has announced 10 major updates to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to curb fraud and strengthen digital banking security.

Key changes include stricter controls on mobile banking access, with apps now limited to one device at a time. Logging in on a new device will automatically log out the previous one, while switching devices will require additional verification.

The apex bank also introduced tighter monitoring measures. BVNs flagged as suspicious may be placed on a 24-hour watchlist, and accounts linked to them could face temporary restrictions or freezing.

To address SIM-swap fraud, customers will only be allowed to change their BVN-linked phone number once. In addition, BVN enrolment is now restricted to individuals aged 18 and above, while minors must operate accounts under a guardian.

The CBN further stated that transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.

According to the regulator, the new guidelines are aimed at enhancing security and protecting customers amid rising digital fraud risks.