Business
Deadline on NIN/account linkage: Most banks yet to implement directive
As the deadline given to banks to link all bank accounts to NIN elapsed last Thursday, many banks in the country are yet to implement the directive.
Recall that the Central Bank of Nigeria, CBN had issued a directive to all commercial banks in the country last year to restrict tier-1 accounts without proper Biometric Verification Number, BVN and National Identity Number, NIN link by Thursday, March 1st, 2024. And as at that date, approximately 91 million bank accounts faced the risk of being frozen by their respective banks.
Vanguards’ investigation has revealed that against expectations that banks will start blocking accounts not linked to NIN/BVN, few banks were only focused on blocking accounts without BVN but allowed customers that are yet to link their NIN unhindered access to their accounts.
Further investigation also revealed that some customers that have not linked their SIM cards to their NIN were barred by their network providers from using the SIM cards, which consequently affected the mobile transactions of such customers.
Vanguard’s visit to some of the new generation banks around Old Ojo Road at Abulado axis in Lagos State showed partial compliance to the CBN’s directive.
Out of the four banks (Zenith Bank, Ecobank, Access Bank, and Stanbic IBTC Bank) visited by Vanguard only Zenith Bank has started implementation of the directive.
When Vanguard visited Zenith Bank branch around the axis, some customers who visited the bank to rectify blockage were seen trying to fill NIN update form in order to have their accounts unblocked.
An official of the bank told our correspondent that several accounts have been blocked as a result of non-linkage of customers’ account to NIN.
“Several accounts that are not linked to NIN, especially corporate accounts, have been blocked. People who are affected have been coming in to sort it out. Once you fill the NIN update form and submit, the account will be unblocked,” he said.
A customer of Zenith Bank, who simply identified herself as Ngozi, told Vanguard that two separate transfers she made did not go through even though she was debited.
“When I came to the bank to find out what happened, they said that I have to link my NIN to my account,” she said.
However, a customer relations staff at Stanbic IBTC Bank told Vanguard that no account has been blocked in the bank due to non-compliance.
“I am not aware of any customer’s that has been as a result of failure to link their account to NIN. Nobody has complained about it today” she said.
Our findings also revealed that Ecobank has not started implementation of the directive as well. An official of the bank, who spoke with our correspondent, simply said that no account has been blocked and she isn’t aware of when the bank would start implementing the directive.
The story was the same at Access Bank where customers have full access to their accounts without any form of hindrance.
A customer relations officer at the bank told our correspondent that only accounts without BVN are being denied access.
Meanwhile, a visit to GT Bank located along Lasu-Igando road showed that the bank is yet to commence implementation.
Speaking on the development, Mrs Ibekwe Onyedikachi, a customer of GT Bank said: “The reason I came to the bank for assistance is not because my GTB account was blocked but because my sister’s GTB account in Nigeria was affected. She cannot carry out any bank transactions because her Nigeria phone number has been barred due to her not linking NIN to her SIM.
Also speaking, Mr Babs who banks with First Bank said: “For some time now I have been receiving messages from my network company that I should link my NIN to my SIM, I have linked my NIN and SIM before, but when the messages kept coming often and often, I decided to go and link my SIM and that was successful.
“It was hectic, trying to link or do anything in Nigeria is always stressing, you will go through hassles to achieve what you would have achieved ordinarily. But I have a First Bank account that I am using, but I cannot use the account for any transaction for now because when I wanted to do a transaction they instructed me to go and link because that account has been barred.”
Meanwhile, a visit to Fidelity Bank in Alaba International Market shows that the bank is yet to implement the directive to block bank accounts that are not linked to NIN.
However, a staff of the bank told Vanguard that the Bank could commence implementation of the directive by the middle of March.
Speaking on the condition of anonymity she said: “For now, our customers are still carrying out their banking transactions without hassles as we are yet to implement the directive. However, information reaching us is that our bank can commence in the middle of the month.”
Also the Alaba International branch of Union Bank is also yet to implement the directive as the bank customers were seen going about their banking transactions unhindered.
Although, the customer care section was crowded with customers wanting to link their NIN to their bank accounts.
Meanwhile in Abuja, some commercial banks have begun implementation of the policy of freezing defaulting accounts.
Checks by Vanguard revealed that some of the banks have already commenced the implementation of the policy, restricting noncompliant customers from accessing their accounts.
When our reporter visited Fidelity bank branch at Federal Housing Estate, FHA, Lugbe, Abuja, staff of the bank confirmed that the policy had commenced and that affected customers were being directed to provide all the necessary information before their accounts could be defrozen.
The banker who pleaded for anonymity said, “Yes we have started implementing the policy, we freeze any account not linked to BVN and NIN, and for us to defreeze such account, the affected customers have to present their NIN, evidence of birth certificate, and make sure that the same names in BVN is what is on the NIN.”
When our reporter visited Wema Bank also in FHA, Lugbe, the story was the same. The bank officials who spoke to our reporter said, “We have started since last week to freeze accounts that were not linked to BVN and NIN. We are a responsible bank and we try as much as possible to follow the CBN directives.”
When asked on the remedy for the affected customers, the banker said, “We have two options for them, either they come to us with their valid identity cards, that is NIN to link their account to BVN or they download the available app and link their NIN to their BVN on their own, they do not necessarily need to come to the bank.”
Some of the bank customers, who spoke to our reporter, confirmed the implementation of the policy by the bank. One of them, Janet Agbo said, “Yes, they have started blocking accounts, they have frozen my own account, I tried to access it few minutes ago and I could not.”
Another bank customer, Uchenna Ekele, who also spoke to our reporter said his account had been frozen but he was going to provide them with all the needed documents to unfreeze it.
Another visit to UBA in the same vicinity showed that the bank is yet to commence the implementation. The head of Customer Care Unit, who spoke to our reporter said, we have not started blocking any account because we have not been given such directive. I am aware that the deadline was last Thursday but we have to be instructed before we can take action on that policy.”
When we paid a similar visit to Polaris bank, the bank officials said, “We have not been given directive to start freezing customers’ accounts that have not been linked to BVN and NIN. We are still receiving customers willing to link their accounts to their BVN and NIN. Until we receive an instruction from the authorities we cannot do otherwise.”
Meanwhile, the World United Consumer Organisation, WUCO, has urged the Central Bank of Nigeria, CBN, to create remote access methods and alternative procedures for Nigerians in diaspora to be able to link their National Identity Number, NIN, and Bank Verification Number, BVN.
The global advocacy group which is dedicated to ensuring equitable access to essential services for consumers worldwide, equally urged the apex bank to reconsider its deadline for NIN/BVN linkage.
In a statement issued on Tuesday, WUCO, through its President and human rights lawyer, Mr. Clement Osuya, stressed that though the CBN’s directive may be well intentioned, “It fails to consider the unique challenges Nigerians living abroad face.”
On Monday, the naira climbed to a four-month peak of N1,518.88 per dollar in the official foreign exchange (FX) market. This increase was fueled by better liquidity and a decrease in demand for the U.S. dollar across various FX platforms.
The last time the naira traded at a stronger level was on March 14, 2025, when it closed at N1,517.93 per dollar.
By the close of trading on Monday, the local currency had appreciated by 0.74 percent, gaining N11.38 from Friday’s rate of N1,530.26 per dollar at the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).
In the parallel market, also known as the black market, the naira held steady at N1,545 per dollar, the same level it closed the previous week, reflecting relative calm despite fluctuating market dynamics.
The naira’s recovery came in spite of a decline in FX inflows last week. According to a report by Coronation Merchant Bank, total FX inflows fell to $749.8 million from $1.76 billion the previous week. Nevertheless, Foreign Portfolio Investors (FPIs) remained dominant, contributing 46.13 percent of total inflows for the eighth consecutive week, a trend seen as a reflection of sustained interest in Nigerian fixed-income assets.
Non-bank corporates followed with a 33.68 percent share of inflows, while exporters contributed 18.45 percent. Inflows from local individuals and international corporates were minimal, accounting for just 0.93 percent and 0.66 percent, respectively.
Despite the strong performance on Monday, the naira had depreciated by N1.70 or 0.11 percent week-on-week at the Nigerian Autonomous Foreign Exchange Market window last week, closing at N1,530.26 per dollar. The decline was largely due to a moderation in inflows, compounded by higher outflows from local sources including importers and non-bank corporates. In contrast, the parallel market appreciated by 0.97 percent over the week, closing at N1,545 per dollar.
In a further sign of stability, the CBN reported an increase in gross external reserves, which rose by $173.88 million or 0.47 percent to $37.36 billion as of July 10, 2025. This reversed the $138.30 million decline recorded in the prior week.
“We expect exchange rate pressures to remain contained over the long term, supported by sustained dollar liquidity from CBN interventions and strong foreign portfolio inflows. Additionally, the gradual resumption of international transactions on Naira debit cards as announced by some banks is unlikely to significantly disrupt market stability, given the sustained depth and participation in the official FX window,” analysts at Coronation Merchant Bank said.
In line with the improving FX landscape, more Deposit Money Banks (DMBs) have resumed international usage of naira-denominated cards, introducing varied daily and monthly spending limits. These banks include Providus Bank, First Bank of Nigeria, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank.
While some analysts believe that the reactivation of international Naira card services could add mild short-term pressure on the currency, others argue that any such impact will likely be offset by the ongoing FX reforms, enhanced liquidity, and a more transparent, market-reflective exchange rate system.
In a move to enhance accessibility and provide more flexibility for its customers, MultiChoice has recently launched innovative subscription plans for DStv and GOtv subscribers as part of the ‘Ka Weekie’ campaign.
This initiative introduces a range of new packages tailored specifically for those who favor a short-term payment approach, offering lower prices to make entertainment more affordable.
The revamped plans aim to cater to the diverse needs of subscribers, ensuring that they can enjoy quality television content without long-term commitments. With these newly designed offerings, MultiChoice seeks to attract a broader audience, making it easier for viewers to engage with their favorite shows and channels.
A recent announcement from the South African company revealed that approximately 243,000 Nigerians chose not to renew their subscriptions during the period from April to September 2024.
This significant decline in subscription renewals can be attributed to a notable deterioration in Nigeria’s macroeconomic conditions and overall consumer landscape, reflecting broader challenges such as inflation, currency fluctuations, and decreased purchasing power that have impacted the everyday lives of Nigerians.
MultiChoice Uganda PR and Communications Manager, Rinaldi Jamugisa, said the plan was part of the firm’s effort to align with customer needs.
The new plans reflect its commitment to delivering value while ensuring entertainment is accessible to everyone. He said that the short-term allows viewers the freedom to manage their subscriptions in line with their budgets and lifestyles.
MutiChoice includes the lowest plans DStv Lumba and GOtv Lite plans are the lowest price points, providing accessibility to users in Uganda.
According to him, the company understands that its subscribers need affordable and flexible options to keep up with their shows and programmes.
The packages in the new arrangement
The seven-day subscription packages cover a wide range of viewing plans and budgets.
The DStv weekly package includes the Lumba package, Access, Family Package, and Compact. Others are GOtv Lite Coats, Valuepack and Pack, GOtv Max, GOtv Supa, GOtv Supa Plus.
Colin Asiimwe, MultiChoice’s head of marketing, disclosed that the new campaign is a response to consistent feedback from subscribers.
He noted that the campaign is designed for daily use and weekly earners, frequent travellers, and subscribers preferring on-demand viewing.
The company disclosed that the new packages are available through its MyDStv and MyGOtv apps or by dialling their USSD mobile phones with platforms such as MTN MoMo, Airtel, partner banks and selected agents nationwide.
MultiChoice hikes prices for Nigerians
The company’s image maker, Jamugisa, said users can switch back to monthly, quarterly, or annual plans by making a full payment or maintaining enough account credit.
He said the cost of any active weekly plan will be deducted from the new subscription.
The company recently hiked its subscription packages in Nigeria, which caused national outrage, leading to the Federal Competition and Consumer Protection (FCCPC) suing the firm.
The commission had directed MultiChoice to maintain the old rates pending investigations, an order the company disregarded.
MultiChoice reported losing almost four million subscribers in less than two years after increasing prices for DStv and GOtv.
The company told its shareholders to brace for challenging times due to macroeconomic headwinds.
Pay-per-view model could better empower consumers – Expert
As MultiChoice unveiled its new weekly subscription plans for DStv and GOtv under the “Ka Weekie” campaign, a technology law and policy expert has weighed in on what this means for consumers in low-income settings.
Dr. Ogochukwu Monye, who is also a digital consumer rights advocate, shared her perspective in an exclusive reaction to Legit.ng.
Reacting to a question on whether the weekly pay-TV option empowers consumers or merely conceals deeper affordability issues, Dr. Monye offered a measured endorsement of the new model.
“Ideally, I feel a pay-as-you-watch model is best,” she said, noting that such a structure would offer even greater flexibility to consumers.
However, she acknowledged the merits of MultiChoice’s latest offering.
“But the weekly is still a better deal than the current model,” she stated, describing it as a step in the right direction.
Further commenting on how such models could enhance consumer value, Dr. Monye added:
“They can also enable consumers to select specific channels in a basket and then pay per view.”
MultiChoice loses almost four million subscribers
MultiChoice, which operates GOtv and DStv, disclosed that its subscribers declined from 23 million to 19.3 million in almost 24 months.
According to reports, many subscriber losses happened outside its home country, South Africa.
In its operational update, the Pay-TV firm said it is preparing its financial results for Q1 2025.
The exchange rate closed the week with a mixed performance, as the naira recorded a slight depreciation in the official market but strengthened on the parallel (black) market, as reported by Nairametrics.
According to data published on the Central Bank of Nigeria (CBN) website, the official rate ended at N1,532/$1 on Friday, slightly depreciating from Thursday’s N1,531/$1.
The currency started the week at N1,529.5/$1 on Monday before weakening to N1,530/$1 on Tuesday.
At mid-week on Wednesday, it appreciated to N1,520/$1.
The week-on-week performance in the official market showed a slight depreciation of the naira, as it closed at N1,532/$1 this week, compared to N1,528.5/$1 last week.
In the parallel market, the naira appreciated, closing at N1,550/$1 on Friday—up from N1,555/$1 on Thursday. From Monday to Wednesday, the currency remained stable at N1,560/$1, according to Nairametrics’ market surveillance in Lagos.
Overall, the week-on-week performance in the parallel market showed an improvement, with the naira strengthening from last week’s closing rate of N1,580/$1 to N1,550/$1 this week.
Foreign reserves rise to $37.3 billion
According to the latest data from the CBN website, foreign reserves rose during the week to $37.3 billion on Wednesday. This was an increase from $37.28 billion on Tuesday and a further increase from Monday’s $37.127 billion.
Analysts attribute this to the striking of the US dollar in recent months.
Speaking with Nairametrics on Friday, Dr. Nasir Aminu, a Senior Lecturer in Economics and Finance and a Senior Fellow of Advanced Higher Education at the Cardiff Metropolitan University, said, “The naira hasn’t been volatile in the last few months. And there is a reason behind that, which is that America’s dollar has been shrinking. It shrunk this year by about 15% which tells you what you should know about Nigeria’s currency also.”
Nairametrics also understands that another major factor for the recent strengthening of the naira is due to a massive drop in demand for the dollar as more businesses switch to local inputs, relying less on importation.
Multiple sources in some of Nigeria’s banks who spoke to Nairametrics also cited a surge in dollar liquidity within the banking system as a major driver for the gains. “There is hardly any bank branch that you go to that you will not see dollars to collect if you wanted to buy,” one source stated.
Recently, Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have hinted at the possibility of mergers, acquisitions, and takeovers by their members to meet the new capital requirement set by the CBN as part of measures to sanitise the forex market.
In May 2024, the CBN increased the minimum share capital of Bureau De Change Operators to N2 billion for Tier 1 license and N500 million for Tier 2 license, as against the previous threshold of N35 million for a general license.
The Office of the Accountant-General of the Federation (OAGF) acknowledges recent concerns regarding the non-receipt of June salaries by certain civil servants and is currently taking measures to address these issues.
In a statement on Friday, Bawa Mokwa, director of press and public relations in the OAGF, said the salary delay was experienced by those whose accounts are domiciled with Zenith Bank.
“Upon investigation, it was discovered that the salary payments for employees across various Ministries, Departments, and Agencies (MDAs) were affected due to a technical network glitch in the bank,” the statement reads.
“The OAGF understands the anxiety and frustration this situation has caused, particularly given the importance of timely salary payments to the livelihoods and responsibilities of our valued public servants.
“We deeply regret the inconvenience this unfortunate incident has caused and wish to assure all affected employees that immediate steps have been taken to resolve the issue.”
Mokwa appealed to all federal public service staff affected by the development to remain calm, noting that efforts are underway to ensure that everyone receives their rightful salaries.
He said the OAGF is working closely with the relevant service providers and stakeholders to ensure the failed payments are reprocessed without further delay.
“Concrete steps have already been taken to isolate the problem, and arrangements are underway to reprocess the failed payments in the shortest possible time,” he said.
“The welfare of federal government employees remains a top priority of the OAGF.”
Mokwa said the office is also working to continue paying the outstanding four months’ arrears of the N35,000 wage award to all affected government workers after resolving the June salary delay.
He said the accountant-general remained fully committed to transparency, accountability, and efficiency in all payroll operations.
“We are open to continuous engagement with stakeholders to ensure sustained improvements in our service delivery. Your patience and understanding during this difficult time are highly appreciated,” he added.
The Nigerian Petroleum Products Marketers Association has revealed its intention to lower the price of premium motor spirit starting Monday, following the recent reduction in the fuel ex-depot price by Dangote Refinery.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST in an interview on Friday.
This comes as Dangote Refinery on Thursday slashed its ex-depot petrol price to N820 per litre from N840.
Reacting to the development, Maigandi said IPMAN members plan to follow in the footsteps of the 650,000 barrels-per-day refinery.
He noted IPMAN will be meeting on Monday to announce a downward revision of its petrol price.
“Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday,” Maigandi told DAILY POST.
According to DAILY POST, retail outlets in Abuja sell petrol between N905 per litre and N945 per litre as of Friday.
While the Nigerian National Petroleum Company Limited, NIPCO, AA Rano, Shema, and other retail outlets in Abuja dispense fuel at N910, MRS, AP Ardova, and other Dangote Refinery retail partners sell at N905 per litre.
Ranoil, Empire Energy, and Total Emadeb dispense fuel, as of Friday, in the nation’s capital between N920 and N945 per litre.
The Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has indicated that the process of revitalizing state-owned refineries is becoming increasingly complex.
On November 26, the NNPC said the Port Harcourt refinery had officially commenced crude oil processing, but the refinery shut down in May for maintenance.
The Warri and Kaduna refineries are, however, still undergoing rehabilitation.
In an interview with Bloomberg on Thursday, Ojulari said the NNPC is currently reassessing its refineries strategies and aims to finalise the review by year-end.
The NNPC boss spoke to Bloomberg on the sidelines of the 9th OPEC international seminar in Vienna, Austria.
“So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” he said.
“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.
“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”
Ojulari further said NNPC remains uncertain whether the review will result in the sale of the refineries.
“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.
‘OPERATING COST OF PRODUCTION IN UPSTREAM SECTOR ABOUT $20 PER BARREL’
Ojulari also said the operating cost of oil production in Nigeria ranges between $20 and $30 per barrel.
“For the cost of crude production, there’s a capital cost and there are the operating costs,” he said.
“The operating cost right now in Nigeria is hovering over $20 per barrel, which is quite high.
“Part of that is because of the investment we’ve had to make in terms of security of our pipelines, which as you know, today we have 100 percent availability of our pipelines. That came out of significant investment.
“So we believe with time, with stability, that cost will start going down, but for now it’s somewhere between $25 and $30 a barrel.”
Ojulari added that by the end of the year, the country plans to increase oil output to 1.9 million barrels per day (bpd).
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