There is a need for the Informal Business Sectors in Lagos to be more organised with the establishment of comprehensive data on their activities Lagos State has begun monitoring and mapping informal businesses and other incidental open spaces with poor organisation, using drones. A statement from the government body announced this in a statement on … Read more
Blockdata says that three main developments convinced many of the top banks to start providing crypto-related services to clients. A new report from blockchain research firm Blockdata suggests that over half of the world’s biggest banks are getting exposure in crypto and blockchain companies. READ ALSO: BREAKING: TALIBAN ENTERS AFGHAN PRESIDENTIAL PALACE AFTER GHANI FLEES … Read more
According to Olasanoye, some of the fraudulent activities in banks and other financial institutions may be because the casual workers are not professionals, well-trained, and embittered due to inadequate compensation. The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has said that eighty percent of employees of banks and other financial institutions … Read more
Nigeria’s dwindling foreign reserves amid rising demand for forex across key economic sectors continue to drag on the central bank’s ability to service Africa’s largest economy. The Nigerian Naira remained under pressure across key foreign exchange markets as forex scarcity persisted despite efforts to prop up the Naira value. The local currency was exchanged at … Read more
A Kogi State Magistrates’ Court sitting in Lokoja, on Thursday, sentenced a Marketing Officer of the Abuja Electricity Distribution Company, Mr James Olayemi, to six months’ imprisonment for unlawful disconnection of electricity supply to a customer’s house. Chief Magistrate Tanko Muhammed jailed Olayemi and ordered the immediate reconnection of electricity supply to Mr Dennis Osanwuta’s … Read more
Global oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions. According to a Reuters report, Brent crude was down 49 cents, or 0.7%, at $70.82 a … Read more
The Nigerian Naira slid against global counterparts at the unregulated parallel market, popularly known as the black market on Thursday, Ekohotblog has learnt. Our correspondent gathered that the Naira dipped by ₦5 against the United States Dollar from ₦510 it exchanged on Tuesday to ₦515 on Wednesday before opening at exact same amount on Thursday. … Read more
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Capital importation in layman understanding simply referred to the foreign investments in a country’s economy. The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1,905.89m in the first quarter of 2021. This represents a decrease of -54.06% compared to Q1 2021 and -32.38% decrease compared to … Read more
“The MPC made the decision to hold all parameters constant.” EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the stoppage of forex sales to the Bureau De Change operators in the country with immediate effect. The CBN Governor, Godwin Emefiele, made the declaration after the Monetary Policy Committee (MPC) two-day … Read more
The Managing Director/CEO of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, has visited the General Overseer of the Lord’s Chosen Charismatic Revival Church, Pastor Lazarus Muoka. The management of Fidelity Bank has paid a courtesy visit to the General Overseer of the Lord’s Chosen Charismatic Revival Church, Pastor Lazarus Muoka. The visit by the management of Fidelity … Read more
Nigeria’s official exchange rate at the Investors and Exporters window is currently pegged at ₦410 to $1 International travel tickets in Nigeria are on the verge of rising following a directive to travel agencies to adjust exchange rates from ₦420.86 to ₦460 effectively, an 8.5% devaluation. Nigeria’s official exchange rate at the Investors and Exporters … Read more
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Naira has crashed to a four-year low in the parallel market. EKO HOT BLOG reports that Nigeria’s currency weakened to a four-year low in the parallel market after the Central Bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. Unauthorized dealers were … Read more
The Central Bank of Nigeria (CBN) has agreed to mint Gambian currency. The Central Bank of Nigeria (CBN) has agreed in principle to mint The Gambian Dalasi, EKO HOT BLOG has gathered. The CBN Governor, Mr. Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of the Gambia, Mr. … Read more
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President Muhammadu Buhari has vowed to enhance fiscal stability. President Muhammadu Buhari has vowed to enhance Nigeria’s fiscal stability, stressing the fact that Nigeria is more of a gas country than a crude oil country. As gathered by Eko Hot Blog, Buhari made this known during his meeting with Total’s Chief Executive Officer, Patrick Pouyanné, … Read more
Naira weakened against the US dollar to close at N411 to a dollar on Thursday representing a 50 kobo decline when compared to N410.5/$1 that was recorded on Wednesday. Meanwhile, Nigeria’s external reserve plunged $28.94 million to close at $34.76 billion on Wednesday. Naira weakened against the US dollar to close at N411 to a … Read more
First Bank on Wednesday announced the appointment of Gbenga Shobo as the new Managing Director/Chief Executive Director The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. According to the News Agency of Nigeria (NAN), … Read more
First Bank of Nigeria Limited has appointed Mr Gbenga Shobo as the Managing Director/Chief Executive Officer of the bank. Until his appointment, Shobo was the First Bank Deputy Managing Director. First Bank of Nigeria Limited has appointed Mr Gbenga Shobo as the Managing Director/Chief Executive Officer of the bank. The bank’s Chairman, Mrs Ibukun Awosika, … Read more