Interventions by the African Legal Support Facility (ALSF) have saved African countries an estimated four billion dollars in the last three years says AfDB EkoHotBlog reports that a virtual high-level conference was held on Wednesday to commemorate the extension of the term of the ALSF and review the facility’s achievements over the last decade. The … Read more
EkoHotBlog has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. How Much Is Dollar To Naira Exchange Rate Today Official Rate? The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ … Read more
Central Bank of Nigeria (CBN) set to launch the e-naira, a Central Bank Digital Currency (CBDC) on October 1. The director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed discloed this to newsmen on Wednesday via webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organised by the committee of e-Business … Read more
The Central Bank of Nigeria (CBN) seems to have prioritized going after the owner of Aboki FX over developing policy and economic strategy that would help the country bounce back from naira devaluation and return the value of Naira to a better state than this present administration met it. Recall, the present administration made a … Read more
Forex companies share list of suspicious transactions with apex bank Amid desperate moves by the Central Bank of Nigeria to sanitise the forex market and halt the naira’s free fall, the Association of Bureaux De Change Operators of Nigeria says it has begun sharing suspicious transactions by its members with the apex bank. This followed … Read more
United Airlines is adding Lagos, Nigeria, to its international itinerary from Dulles International Airport, with the only nonstops from the D.C. region to Lagos. United will schedule the flight three days a week with departures from Dulles on Mondays, Thursdays and Saturdays starting Nov. 29. It will operate the 10 hour flight with Boeing 787 … Read more
Union Bank is in distress as EFCC indicts Former CEO Emuwa, others over alleged N1.9bn fraud. Eko Hot Blog learnt in a report by The Moment Nigeria that Union Bank of Nigeria Plc, one of the old generation deposit money banks (DMBs) in Nigeria is currently enmeshed in an alleged N1.9 billion fraud saga. This … Read more
According to the National Bureau of Statistics (NBS), 36 states shared N1.09 trillion as revenue from Value Added Tax (VAT) in Nigeria. Value Added Tax (VAT) in Nigeria has made news headlines in the last few days, as Governor Nyesom Wike of Rivers State dragged the federal government to court over the allocation of revenue generated … Read more
DMO stated that President Muhammadu Buhari-led government serviced its debt with World Bank and Exim Bank of China with $1.79 billion. President Muhammadu Buhari paid no less than $1.79 billion to World Bank and the Exim Bank of China within a period of five years. According to an analysis of data on actual external debt … Read more
Bismarck Rewane, a revered economic expert, has advised Nigerians not to be deceived by the increasing Gross Domestic Product (GDP) and declining inflation rate, as he said the country remains the world’s poverty capital. Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company Limited, has stated that Nigeria is still the world’s poverty capital even … Read more
Rivers Governor Nyesom Wike has directed businesses in the state to shun the Federal Inland Revenue Service (FIRS) and remit their VAT to his government. As Value Added Tax (VAT) in Nigeria continues to linger, Governor Nyesom Wike of Rivers, has asked businesses in the state to shun the Federal Inland Revenue Service (FIRS). While … Read more
In the document, with reference 023/EKEDP/GMCLR/0025/2021, dated August 25, 2021, it was alleged that the Disco officially informed its customers on the decision of upward tariff adjustment effective from September 1, 2021. There was confusion on Saturday as document allegedly released by the Eko Electricity Distribution Company showed an increase in electricity. According to the document, … Read more
Nonetheless, the NNPC boss argued that the national fuel consumption per day may not be above 60 million litres as being speculated, noting that anytime NNPC supplies less than that, there would be a problem. The Nigerian National Petroleum Corporation (NNPC) said it is in talks with the Government of Niger Republic to establish a retail … Read more
Polaris and Zenith banks incurred the biggest losses as a result of fraud within the review period, as they lost N938.4m and N360m respectively. Not less than eight deposit money banks in Nigeria lost a total of N1.9bn as a result of fraudulent incidents last year. This was according to data collated from their annual … Read more
Also, Bright Eregha, who lectures Economics at the Pan Atlantic University, Lagos, said the inflation would dip with the CBN various interventions. Financial experts have called on the Central Bank of Nigeria (CBN) to stabilize the foreign exchange for the productive sector and sustain its interventions to curb inflation. The experts said this in separate … Read more
The first flight available from Nigeria is on the 29th of August. The United Arab Emirates says it will lift the ban on transit passenger flights from six countries, including Nigeria, effective from August 29, 2021. Recall that early this month, UAE authorities had announced that their residents stranded in restricted countries could return to … Read more
Bitcoin, the world’s biggest and best-known cryptocurrency, is up 77.4% from the year’s low of $27,734 on January. 4. Bitcoin rose 5.01 % to $49,106.4 at 22:04 GMT on Friday, adding $2,342.1 to its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 77.4% from the year’s low of $27,734 on January. 4. … Read more
The Chinese crackdown on the cryptocurrency industry saw over 50% of the hashrate of Bitcoin mining go offline. Nigeria’s Government had restricted citizens from trading cryptocurrencies, though some top official has been spotted trading it. The Bitcoin network has however shown its resilience as it is recovering remarkably well from the FUD generated by the … Read more
The CBN argued that those activities were done at a great risk to the financial system and the banks, and directly contravene the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012. Microfinance banks operating beyond the scope of their license will have their license revoked, the Central Bank of Nigeria (CBN) has … Read more
Makinde encouraged the trainees to return to Oyo State and make a difference, noting that to make the governor and the people of the state proud, they must return with the drive to achieve increased yields in different areas. Oyo State Governor, ‘Seyi Makinde, said on Friday that the state would expand the state’s Youth … Read more