What You Should Know About CBN New Rules
On 7 April 2026, the Central Bank of Nigeria (CBN) announced the coming into effect of new rules on the Bank Verification Number (BVN) system from 1st May 2026. The new rules have been implemented to fight against fraud, enhance identity management and secure Nigeria’s growing digital banking space, resulting in new methods for account holders to manage and access information linked to their BVN.
The new policy came in the wake of numerous security concerns surrounding SIM swap fraud, identity theft and access to financial accounts without authorisation. With over 68.59 million users enrolled in the BVN system in 2026, the system plays a pivotal role in the security of the Nigerian financial sector.