The Central Bank of Nigeria (CBN) has introduced a new security measure, limiting transactions on newly activated mobile banking apps to N20,000 within the first 24 hours (per day).
This applies to both new and existing accounts, with financial institutions allowed to set lower thresholds based on their risk management frameworks.
The CBN also mandates device binding, requiring customers to operate their banking app on only one device at a time, and introduces stronger authentication mechanisms, such as biometric verification and multi-factor authentication, for online account reactivation and high-risk actions.
Additionally, customers can voluntarily adjust their transaction limits within the existing regulatory ceilings of N25 million for individuals and N250 million for corporate accounts, subject to enhanced due diligence and risk assessment.
The new rules, effective July 1, 2026, aim to curb rising digital fraud, account takeover, and identity theft, and strengthen Nigeria’s instant payment ecosystem.
