By Ghazali Ibrahim
The Central Bank of Nigeria has rolled out a fresh set of directives aimed at strengthening security in Nigeria’s banking system, with new rules targeting Bank Verification Number (BVN) operations, digital transactions and fraud control.
In circulars released to financial institutions, the apex bank introduced stricter guidelines that will take effect between May and July 2026, affecting millions of bank customers across the country.
A key part of the directive is the introduction of tighter controls around BVN usage. Under the new rules, Nigerians will only be allowed to change the phone number linked to their BVN once in their lifetime, a move designed to curb rising cases of SIM-swap fraud.
The CBN also set a minimum age of 18 years for BVN registration, while suspicious BVNs may now be placed on a temporary watchlist, with banks allowed to restrict accounts linked to fraudulent activities.
In addition, new limits have been introduced for digital banking. Customers using a banking app on a new device will face a N20,000 transaction cap within the first 24 hours, alongside additional authentication checks before full access is granted.
The apex bank said financial institutions must also deploy stronger fraud monitoring systems capable of detecting suspicious transactions in real time, as part of efforts to tackle increasing digital banking fraud.
The directive further includes measures on dormant accounts and unclaimed funds, aimed at improving transparency and helping customers recover lost balances.
Industry analysts say the new rules reflect the regulator’s push to secure Nigeria’s fast-growing digital payment space while protecting customers from emerging financial crimes.
The latest move comes amid broader reforms by the CBN to strengthen confidence in the financial system and ensure stability in the banking sector.
