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How to link NIN/BVN to your account

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Nigerian banks recently issued a memo about a week ago, urging customers to link their National Identification Number and Biometric Verification numbers to their accounts.

This moves sparked various reactions from the populace, particularly as this exercise seems like another avenue to stress well-meaning Nigerians.

While some banks indicated February 29, 2024, and others pegged March 1 as the deadline, some did not specify when the portal would close for the exercise.

As the deadline takes effect, many Nigerians remain uncertain about how to link their accounts to their BVN/NIN.

The National Identification Number (NIN) comprises 11 non-intelligible numbers randomly assigned to individuals after completing enrollment in the National Identity Database (NIDB). The Bank Verification Number (BVN) utilizes biometric technology as a secure unique identifier for real-time security processes.

Without much ado, here’s how you can link your NIN/BVN to your account through various ways.

Ways to link your account to your BVN/NIN

  • To link your BVN/NIN to your account, you can visit your designated bank’s website and navigate to the self-service portal.
  • Next, toggle the button and select the BVN/NIN link. Input your account details, and the system will generate an OTP code sent to your linked phone number.
  • After receiving the 6-digit code, enter it into the value section and tap “verify OTP.”
  • Following this, follow the steps to generate a captcha and type in the code value presented by your bank to generate a Virtual NIN. For instance, use the format *your bank code*no*NIN*unique bank code#.
  • Alternatively, you can visit any branch of a Nigerian bank where you have a registered account. Bring along a photocopy of your NIN slip and manually write the following details on the paper: Account number, Phone number, NIN, and your generated Virtual NIN. Submit this to your account officer.

If you visit the bank without your NIN slip, you can locate a nearby cafe shop to print it out or send an email with a copy of your NIN details from NIMC website to your bank to help print it out. If you are unsure whether your account has been linked, contact the customer care center of your bank for further inquiries.

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Georgieva re-elected as IMF managing director

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The executive board of the International Monetary Fund (IMF) says Kristalina Georgieva has been re-elected to serve as the lender’s managing director (MD) for a second term of five years.

In a statement on Friday, the board said Georgieva’s second tenure would begin on October 1, 2024.

The IMF had, on April 4, announced Georgieva as the sole candidate nominated for the position.

The board, coordinated by Afonso Bevilaqua and Abdullah BinZarah, said its decision on her reappointment was taken by consensus.

According to the statement, the board held several discussions with Georgieva, in line with the selection process it established on March 13, before making its decision.

“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” the statement reads.

“Ms. Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than $360 billion in new financing since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to $650 billion.

“Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.

“It replenished the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members, and co-created the Global Sovereign Debt Roundtable.

“It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership.”

The board also acknowledged Georgieva’s focus on strengthening the IMF’s support to its members through effective policy advice, capacity development and financing and pledged to continue to work closely with the managing director.

Georgieva, a Bulgarian economist, has been leading the Bretton Wood organisation since October 1, 2019, when she took over from Christine Lagarde.

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Naira strengthens in parallel market, trades at N1,150/$

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Naira appreciates to N1,419/$ at official market

The naira, on Friday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,110 and the selling price at N1,150 — leaving a profit margin of N40.

The naira appreciated by 0.86 percent from the N1,160 recorded on April 11.

“The dollar is falling and it is not my fault. It is how the FX market is now,” Lawal, a BDC operator, said.

Also, FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, said the naira rose by 7.16 percent or N88.23 to N1,142.38/$ on Friday — from N1,230.61/$ on Monday.

The appreciation of the naira is coming a few days after the CBN opened the third tranche of sales to BDC operations.

The apex bank began the sale of foreign exchange to BDC operators at the rate of N1,101/$ on April 8.

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Electricity tariff will reduce if FX rate drops below N1,000, says Adelabu

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Adebayo Adelabu, minister of power, says the electricity tariff will reduce if the foreign exchange (FX) rate drops below N1,000.

On April 3, the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A classification.

The regulator had said customers under this category receive over 20 hours of electricity supply daily, and will now pay N225 per kilowatt (kW) from April 3 — up from N66.

Criticising the policy, stakeholders had described the increase as “ill-timed” considering the harsh economic reality in Nigeria.

However, on April 5, Adelabu said the tariff hike only affects 1.5 million customers — out of 12 million.

Speaking on Channels television’s Politics Today programme on Thursday, the minister said by cutting the inefficiencies of some operators in the sector, coupled with the gains by the naira against the dollar, the tariff paid by Nigerians should change positively.

“The tariff is flexible and I can tell you that even if naira gains more and the exchange rate comes down below N1,000, it must positively affect the tariff and the tariff even for the Band A will come down below the N225 kilowatt per hour that we are currently charging,” he said.

“There are variable factors that go into the complication of the tariff and we are not closing our eyes to this.

“We are transparent. We are publishing it and we are talking to Nigerians, the consumers and all the power sector stakeholders.

“This administration is very serious and we are committed to transforming the sector.”

Adelabu also said the government is working tirelessly to ramp up power generation from about 4,000 megawatts to 6,000 megawatts in the next six months — “for the first time in the country’s history”.

He said 25 percent of Nigeria’s power generation is from hydropower while the remaining 75 percent is from gas plants.

On the Siemens project, Adelabu said the pilot phase is being concluded, which involves the importation of 10 power transformers and 10 mobile substations.

According to the minister, five of the transformers have been installed and commissioned at various locations across the country; while three of the mobile substations have been installed and are ready to be commissioned within the next two weeks.

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