The Central Bank of Nigeria (CBN) has outlined 10 key changes to the Bank Verification Number (BVN) system, which will take effect from May 1, as part of renewed efforts to curb fraud and strengthen digital banking processes.

The apex bank said the updated guidelines will directly affect how customers access mobile banking services, switch devices, and manage their BVN details.

According to the CBN, the measures form part of a broader push to tighten security across Nigeria’s banking system and significantly reduce cases of fraud linked to digital transactions.

Below are the 10 key changes include:

1. Mobile banking apps will be restricted to one device at a time.

2. Logging in on a new device will automatically log out the previous device.

3. Switching devices will require additional verification before access is granted.

4. Suspicious BVNs will be placed on a 24-hour watchlist.

5. Banks may temporarily restrict or freeze accounts linked to flagged BVNs.

6. Customers can only change their BVN-linked phone number once.

7. The rule targets SIM-swap fraud and unauthorised access.

8. Only individuals aged 18 and above can enrol for a BVN.

9. Minors must operate accounts under a guardian.

10. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.

The CBN emphasised that the new rules are designed to enhance security and protect customers from rising digital fraud risks

Follow Our WhatsApp Channel ______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com

______________________________________________________________________ “Bridging Theory And Courtroom Practice” — Hagler Sunny Okorie, Nathaniel Ngozi Ikeocha Unveil ‘Functional’ Tort Law Book For Nigerian Legal System The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209. _______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626

________________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ____________________________________________________