The Central Bank of Nigeria (CBN) has introduced a new rule restricting Nigerians to just one lifetime change of the phone number linked to their Bank Verification Number (BVN), as part of efforts to tighten security in the banking system.
The directive, which will take effect from May 1, 2026, was issued to banks and financial institutions nationwide.
Under the new framework, customers will no longer be able to repeatedly update the phone number tied to their BVN, a move aimed at reducing fraud risks linked to SIM swaps and identity manipulation.
Phone numbers connected to BVNs play a key role in banking operations, including transaction alerts, one-time passwords, and account recovery.
Because of this, they have become a major target for fraudsters attempting to gain unauthorized access to accounts.
In addition to the restriction, the apex bank has also directed financial institutions to introduce a temporary watchlist for suspicious BVNs. Accounts flagged for unusual activity may be paused for up to 24 hours while banks verify transactions with customers.
However, the policy has triggered debate among experts and observers, with questions being raised about whether the restriction aligns with existing consumer protection laws and individual rights.