CBN’s New BVN Rules Take Effect May 1: 5 Must-Know Changes
The Central Bank of Nigeria will enforce stricter BVN guidelines from May 1 to curb fraud and protect your identity. Here are the five key changes every account holder should know: 1. One-time phone number change linked to your BVN. 2. BVN eligibility restricted to those aged 18 and above. 3. 24-hour watchlist window for suspicious BVN activity. 4. Mobile banking apps limited to a single device at a time. 5. ₦20,000 transaction cap on new devices during the first 24 hours. Act now: confirm your BVN-linked phone number, update any details before the deadline, and secure your devices to avoid disruptions.
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