Business
FG introduces virtual NIN tokens, full implementation begins 2022
The Federal Government has introduced virtual national identification number (NIN) tokens.
Minister of Communications and Digital Economy, Isa Pantami, disclosed this at a stakeholders workshop on the ‘NIN Tokenization Solution’ organised by the National Identity Management Commission (NIMC) on Wednesday in Abuja.
The virtual NIN is a token version of one’s actual NIN which another party verifying the number cannot retain and use in a way that puts one’s data privacy at risk.
Nigerians are expected to use the virtual NIN when verifying their identity with an agent or enterprise who needs to confirm their identity before offering them a service (banks, airports, shopping delivery, among others).
The minister said NIN token is aimed at protecting the personal information of citizens, adding that full implementation would begin next year.
“The Federal Government has adopted the solution to ensure the privacy of personally identifiable information of individuals during verification transactions and to reduce incidences of illegal retrieval, usage, transfer, and storage of NIN. Full implementation commences 1st January 2022,” Pantami said.
Represented at the event by Aliyu Aziz, NIMC director-general, Pantami explained that “the NIN Tokenization solution is a feature of the NIN Verification Service (NVS) which is aimed at providing enhanced data protection for the personal information of persons registered into the National Identity Database (NIDB) and issued a NIN.”
“The resources for the protection of this sensitive data includes the Improved NIN Slip, USerID, MobileID, NIN hashing and the issuance of a unique virtual NIN by the ID holder to anyone who wishes to verify their identity.
“The purpose of the NIN Tokenization is to provide a coded representation (“pseudonymization”) of the actual NIN for which another party verifying the identity of the registered person cannot retain and use in a way that puts the individual’s data privacy at risk.
“Depending on the use cases, this may be via the hash contained in the Improved NIN Slip, the 2 varying hashes contained in the MobileID application, the UserID (which is available instantly to anyone issued a NIN, irrespective of whether they have a device or not), and of course, the one-time use Virtual NIN token.”
Pantami said virtual NIN tokens were merchant specific and would expire after a set period of time.
This means that a token generated for company A cannot be used or verified by company B.
Technical Consultant of NIMC, Tunji Durodola, also said at the event that the digital token was designed to replace the 11-digit NIN for everyday usage.
He said NIN had been shared and stored by various entities mostly without the knowledge or consent of the ID holder or NIMC, the custodian of identity in Nigeria.
To get the virtual NIN, a person must have a NIN issued by NIMC, a mobile number registered in Nigeria and linked to your NIN.
It can be generated via the MWS: NIMC MobileID app or via USSD (3463YourNINAgentCode#)
Business
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
Business
PH refinery to blend 1.4-million litre petrol daily – NNPC
PH refinery to blend 1.4-million litre petrol daily – NNPC
Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.
The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.
“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.
“This achievement marks a significant step forward after years of operational challenges and underperformance.
“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”
According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.
The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.
The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.
“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”
Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.
According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.
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