The Central Bank of Nigeria (CBN) has introduced a policy that imposes a lifetime limit on changes to the phone numbers associated with Bank Verification Numbers (BVN). This development is expected to affect millions of bank customers across the country, as any alteration to their registered phone number will now be a permanent decision. Stakeholders in the banking sector are expressing concerns regarding the implications of this policy on customer service and accessibility. The CBN has yet to provide further details on the rationale behind this decision or its expected impact on banking operations.
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