…approves the deployment of an automated system for NIN-SIM linkage The National Identity Management Commission, NIMC, has partnered with the Central Bank of Nigeria, CBN, to allow commercial banks to print and issue debit cards that also serves as national identity card. The Minister of Communications and Digital Economy, Prof. Isa Pantami, disclosed this on Wednesday. Pantami said that the Federal Executive Council, FEC, approved a memo from the NIMC to that effect during Wednesday’s...

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The Federal Government has borrowed N19.91trn from the Central Bank of Nigeria through its Ways and Means Advances. Ways and Means Advances is a loan facility the Central bank uses to finance budget deficits. As of December 2021 total Ways and Means Advances to the Federal Government was N17.46 trn.  From January to June 2022, the Government borrowed N2.45 trn. Ways and Means Advances is backed by Section 38 of the CBN Act, 2007, the...

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ABUJA — The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has unanimously voted to raise the Monetary Policy Rate by 13 percent. CBN Governor, Godwin Emefiele, announced this on Tuesday while briefing reporters at the end committee’s meeting at the apex bank’s headquarters in Abuja. It is the first time in two and a half years that the policy-setting committee of the nation’s financial regulator would increase the MPR, which measures...

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By Anastasia Mbabie (Staff Reporter) The increase in cost of diesel, collapsed national grid and other operating challenges may have influenced banking giant, First Bank of Nigeria to announce reduction in operation hours at most of its branches nationwide. In a statement made available on its official website on April 10, 2022, the bank said that the new development will take effect from Monday April 11. “We have revised our banking hours across all our...

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