A Review Of The CBN New BVN Policy and Why It Affects Rights Of Nigerians »

Effective today, May 1st, 2026, the Central Bank of Nigeria (CBN) has implemented a new directive that restricts every Nigerian to only one phone number change linked to their Bank Verification Number (BVN) for the entirety of their life.

This policy, introduced under the banner of combating SIM-swap fraud and strengthening digital banking security, deserves careful review. While the intention may be noble, the implementation raises serious questions about the fundamental rights of over 68 million Nigerians currently enrolled in the BVN system.

This is not an attack on the CBN. It is a conversation we must have as citizens.

WHAT THE POLICY SAYS
Under the new CBN framework, the phone number tied to your BVN which controls your One-Time Passwords (OTPs), transaction alerts, and account access can now only be changed once in your lifetime. Any further change requires exceptional regulatory approval with extensive documentation. In practical terms, for most Nigerians, that one change is the last.

WHY THIS AFFECTS YOUR RIGHTS

The Right to Privacy : Section 37, 1999 Constitution
Every Nigerian is constitutionally guaranteed privacy of their telephone communications. Your phone number is a personal communication tool, not a permanent government-assigned identity code. Irrevocably binding it to your financial life without adequate provision for life’s inevitable changes infringes on this guaranteed privacy.
The Right Against Unfair Property Restriction (Section 44)
Your bank account is your property. Permanently controlling the sole access key to that account your phone number without sufficient remedy amounts to an unjustifiable restriction on your right to property.
The Right to Fair Hearing (Section 36)
A policy of this magnitude, affecting tens of millions of citizens, requires genuine public consultation. Nigerians deserve to be heard before such a consequential decision is imposed, not merely notified after the fact through bank circulars.
The Right to Dignity of Human Persons(Section 34)
The Constitution protects every Nigerian’s right to dignity of person. A policy that offers no realistic pathway for correction when genuine hardship occurs lost numbers, deactivated lines, safety-related changes treats citizens as suspects rather than people deserving of humane governance.

THE HUMAN REALITIES THE POLICY IGNORES
Telecom lines get deactivated. Phones are stolen. Domestic violence survivors change numbers for their safety. People relocate across networks. These are not hypothetical scenarios they are daily Nigerian realities. A blanket lifetime restriction does not account for any of them, and that is a policy failure that will disproportionately harm the most vulnerable.

CONCLUSION
Fraud prevention is important. Nobody disputes that. But good policy must balance security with the protection of citizens’ rights. The CBN can achieve both through stronger verification processes, biometric authentication upgrades, and better inter-agency coordination without permanently locking Nigerians out of control over their own financial identity.

RECOMMENDATION

We call on the National Assembly to review this directive.
We call on civil society organisations to engage the CBN constructively and;
We call on every Nigerian to understand what this policy means for them before it is too late.

Your rights are worth the conversation.

Atomode Jide Benjamin- Lawyer , Chartered Accountant, Certified Tax Practitioner, Financial Economist, Registered Advertising Practitioner, Team Lead-Grace Clan .
1st May, 2026