The Central Bank of Nigeria (CBN) has announced a new rule limiting how many times bank customers can change the phone number linked to their Bank Verification Number (BVN).
According to a circular issued on Thursday, March 12, 2026, customers will be allowed to change their BVN phone number only once in their lifetime. The directive will take effect nationwide on May 1, 2026.
The policy is part of the regulator’s effort to strengthen Nigeria’s digital payment system and reduce fraud.
Under the leadership of Olayemi Cardoso, the apex bank introduced the measure to combat identity manipulation and SIM-swap fraud. The rule applies to all licensed financial institutions operating in Nigeria.
Major banks affected include Access Bank, Zenith Bank, and United Bank for Africa.
In addition to the phone number restriction, the CBN has directed banks to create a temporary watchlist for suspicious accounts. Under this system, a flagged BVN can be restricted for up to 24 hours while the bank verifies the transaction with the customer.
This verification period allows banks to pause transactions and investigate possible fraud before funds move through the financial system.
The CBN explained that mobile numbers play a key role in banking security. They are used for One-Time Passwords (OTPs), transaction alerts, and account recovery.
By limiting phone number changes, the regulator hopes to close loopholes criminals exploit to hijack bank accounts.
The circular also reaffirmed that BVN enrollment is limited to individuals aged 18 years and above. In addition, only financial institutions licensed by the apex bank can access BVN database information.
As of March 2026, total BVN enrollment in Nigeria has reached 68.59 million.
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