FG Reveals How Many Sim Cards That Can Be Linked To One NIN Number

The federal government has revealed that Nigerians can link up to seven SIM cards to one National Identification Number on the National Identity Management Commission Mobile App. This was disclosed on Friday, January 8, by the minister of Communications and Digital Economy, Dr Isa Pantami, Punch reports. He said: "You will be able to link up to seven SIM numbers to only one. I have already downloaded the app, launched the app, and already linked some of my numbers immediately. This is part of digitalisation." Pantami said the ministry, NIMC and telecommunication operators would review the entire NIN linkage to SIM cards by network users if fresh lockdown is imposed in the country. Meanwhile, he said enrolment for the National Identification Number (NIN) should not consume the time of the applicants. The minister made this known on Friday, January 8, during a programme on Channels TV, adding that the enrolment should not take more than five minutes. Pantami further stated

#COVID19: CBN Technically Devalues Naira To N380/$1

new Nigerian exchange rate, new cbn policy on naira, financial news update, world news

The Central Bank of Nigeria has collapsed the multiple exchange rate policy that determined the value of the naira and adopted a single exchange rate.

The country will now have a uniform rate for the official rate, bureau de change operators, importers and exporters amongst others.

This was contained in a circular signed by the Direct, trade, and exchange department of the CBN, Ozoemena Nnaji, on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).

According to the apex bank, IMTSOs to banks will be at N376 per dollar, banks to CBN N377 per dollar, CBN to Bureau de change operators N378 per dollar, BDCs to end-users should not be more than N380 per dollar and the volume of sales for each market is $20 thousand per BDC.

Although this move has been seen as technically devaluing the naira the apex bank last week said in a release that “market fundamentals do not support Naira devaluation at this time.”

The naira has been under pressure after oil prices fell $30 per barrel, way below the government’s $57 target on which the 2020 budget was planned.

“Today we allowed the rate at the importer and exporters (I&E) window to adjust in response to market developments,” Bloomberg quoted a senior central bank official as saying, confirming the bank changed the rate at the window for foreign investors to 380 naira per dollar from 366 naira per dollar.