CBN Announces Plan to Freeze Accounts Without BVN and NIN in 2024 | 5 Things That Should Matter Today

Bola Tinubu and Olaf Scholz
  • Naira depreciates to ₦927.19/$ at the official market
  • CBN announces plan to freeze accounts without BVN and NIN in 2024
  • FG eyes 96-hour timeframe for passport disbursement
  • Nigeria and Germany sign 12,000MW power agreement
  • IMF proposes deal to clear off debt owed by Nigeria and other African countries

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Naira depreciates to ₦927.19/$ at the official market

On November 30, the naira took a dive of 11.40% from the previously recorded ₦832.32/$ rate at which it was sold at the official market.

According to the FMDQ, the naira began trading at ₦815 per dollar and ended at ₦927.19.

The reports also reviewed that the naira witnessed an intraday record that went as high as ₦1,160 and dropped as low as ₦701.

CBN announces plan to freeze accounts without BVN and NIN in 2024

The Central Bank of Nigeria (CBN) has announced its plan to freeze account numbers without proper documentation.

The apex bank revealed that this scheme was part of its regulatory framework for Bank Verification Number (BVN) operations within the country.

Therefore, civilians with Tier-1 bank accounts have been advised to update their bank information and acquire their BVN and NIN as of March 2024; any funded account without the necessary documentation will be restricted.

FG eyes 96-hour timeframe for passport disbursement

Nigerian Passport

The federal government has stated that it is aiming for an international passport issuance time frame of 96 hours thanks to the evolution of technology, which it has recently adopted.

The FG reiterated that international passports should not be seen as a privilege but a right for all citizens.

It also revealed that starting February 2024, it would launch the Electronic Gates at the Abuja, Enugu, Lagos, Kano, and Port Harcourt international airports to assist the entry of Nigerians into the country without facing needless clearance profilings.

Additionally, the immigration office claimed that international passports will now be for retrieval three weeks after submission.

“So, if there are no issues, within three weeks, you must get your passport, from application to the production of the passport,” the Comptroller General, Mrs Caroline Adepoju, said.

Nigeria and Germany sign 12,000MW power agreement

The relationship between Nigeria and Germany remains strong as the two countries recently shook and signed an agreement to hasten the launch of the Presidential Power Initiative (PPI) to enhance power supply in Nigeria.

This signing ceremony was officiated by Nigeria’s Bola Tinubu and Germany’s Olaf Scholz in Dubai, UAE, during the COP28.

In 2018, Germany’s then-Chancellor Angela Merkel took a trip to Abuja, and in 2019, an agreement was signed by both countries to improve the electricity supply in Nigeria.

IMF proposes deal to clear off debt owed by Nigeria and other African countries

The International Monetary Fund (IMF) is suggesting a method of debt forgiveness to its debtors around the world, including Nigeria. 

The managing director of IMF, Kristalina Georgieva, shared this information at the ongoing COP28, requesting that these debtors take on a debt-for-climate initiative whereby they can reduce their indebtedness by promoting environmental assimilation.

Nigeria’s current external debt will soon hit close to the ₦100 trillion mark, as President Tinubu recently requested a fresh loan of $8.6 billion on November 28.

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