CBN Caps BVN Changes to Once in Lifetime Starting May 1

Central Bank of Nigeria restricts BVN updates to once in a lifetime starting May 1, 2026, to combat digital payment fraud. The restriction targets Nigeria's 68.59 million BVN holders, where phone numbers linked to BVNs are critical for OTPs, alerts, and account recovery. Fraudsters exploit SIM swaps to hijack accounts, with social engineering schemes accounting for 62,901 cases in 2023. Under the new rules, BVNs can only be changed once, reducing identity manipulation risks. Financial institutions must now implement a 24-hour temporary watchlist for flagged BVNs during suspicious activity investigations. This follows broader CBN fraud controls including enhanced KYC measures.

SOURCE: https://techcabal.com/2026/03/13/cbn-restricts-bvn-phone-number-changes-to-once-in-a-lifetime/