The Central Bank of Nigeria (CBN) has imposed a fine of ₦150 million on Deposit Money Banks (DMBs) found guilty of supplying mint naira notes to currency hawkers. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat Vacant Following Ibori-Suenu’s Defection to APC Retired Principals Call for Recognition and Better Welfare from Government BREAKING: IGP Egbetokun … Read more
In a bid to ensure seamless access to cash through Over-the-Counter (OTC) transactions and Automated Teller Machines (ATMs), the Central Bank of Nigeria (CBN) has released a nationwide directory for reporting instances of cash unavailability. The directive, effective from December 1, 2024, aims to improve currency circulation and address challenges affecting cash availability. EDITOR’S PICKS … Read more
On Wednesday afternoon, several members of the House of Representatives and their legislative aides were forced to evacuate their offices in the White House section of the National Assembly complex after a fire broke out around 3:50 p.m. According to eyewitness reports, including one from a Nigerian Tribune correspondent on the scene, the fire started … Read more
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The CBN had initially suspended the levy’s implementation following a decision by the Federal Executive Council (FEC). In May, the CBN had directed all banks in Nigeria to collect and remit a 0.5 percent cybersecurity … Read more
The Central Bank of Nigeria (CBN) has announced plans to reintroduce and enforce the payment of the Cybersecurity Levy on electronic transactions across the country. This was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on Tuesday. According to the document, the levy, which was initially … Read more
Banks and other financial institutions across the country will be closed on Thursday, August 1, 2024, as a nationwide hunger strike commences. Eko Hot Blog gathered that while no official closure announcements have been made, discussions with various bank employees reveal that staff have been advised not to report to work on Thursday, as banks … Read more
CBN denies reports of license revocation for Unity Bank, Keystone Bank, and Polaris Bank. The apex bank dismisses the claims as fake news. Public urged to disregard the false information. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has refuted a media report alleging plans to revoke the licenses of Unity Bank, Keystone … Read more
Reps instructs CBN to halt cybercrime levy implementation. Minority Leader, Kingsley Chinda, moves urgent motion; House demands CBN withdraw circular. Circular causes confusion; Nigerians apprehensive; levy intended for specific entities as per Act. EKO HOT BLOG reports that the House of Representatives has instructed the Central Bank of Nigeria (CBN) to promptly cease the implementation of … Read more
Nigerian bank customers will start paying more for their electronic transfers. This comes after the CBN directed banks to charge a “cybersecurity levy”. The levy takes effect in two weeks. Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has directed all financial institutions to implement a 0.5 percent cybersecurity levy on electronic … Read more
By Bashorun J.K. Randle It would be something between hyperbole and premature jubilation to describe the minimum capital requirements for banks announced by Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN) as a bombshell. On the contrary, the Governor of the CBN deliberately and meticulously stuck to his well choreographed strategy of … Read more
EKO HOT BLOG reports that over 70 million bank customers are at risk of losing access to their accounts as the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers (BVN) and National Identification Numbers (NIN) comes into effect. The directive, issued on December 1, 2023, mandates a ‘Post No Debit’ restriction on … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria has affirmed the safety of funds in Nigerian banks, emphasising the stability of the country’s banking sector. The apex bank therefore advised the public to continue with their regular banking activities without succumbing to the alarm caused by unverified reports not originating from the CBN concerning … Read more
EKO HOT BLOG reports that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has refuted claims that he opened 593 foreign bank accounts. Emefiele stated this in a statement on Sunday titled, “Re; Emefiele, other stole billions, illegally kept Nigeria’s funds in foreign banks” in response to the publication of the report … Read more
The NLC and TUC had threatened a strike action in the past. However, the unions delayed the action due to pleas from the federal government. The unions opted to embark on an indefinite nationwide strike on Tuesday. Eko Hot Blog reports that the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) have embarked on … Read more
EKO HOT BLOG reports that the 10th Senate led by Godswill Akpabio on Tuesday confirmed Olayemi Cardoso as the Governor of the Central Bank of Nigeria (CBN). Cardoso was nominated by President Bola Tinubu on the 15th of September, 2023 as the Governor of the apex bank for a term of five years. This online … Read more
Eko Hot Blog reports that the Oyo State Government has sealed off some commercial banks as well as telecommunications masts around Ibadan metropolis. The Enforcement team of the Ministry of Lands, Housing and Urban Development, led by the Director, Land Use Charge, Esv. Olufisayo Ogunbiyi, during an Enforcement tour around the city of Ibadan, said … Read more
Eko Hot Blog reports that Commercial banks in the country are gradually raising the daily withdrawal limit on automated teller machines (ATMs) to N200,000, several months after implementing restrictions on cash withdrawals. In an email notice to customers sighted by Eko Hot Blog, Zenith Bank said customers can now ‘perform cash withdrawals of up to … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has lifted the restriction on cash deposits into domiciliary accounts. The apex bank made the disclosure in guidance to Deposit Money Banks (DMBs) after a meeting with the bankers’ committee on Sunday. The meeting was meant to provide further guidance to DMBs on the … Read more
The CBN introduced a naira redesign policy that changed the look and feel of the N200, N500, and N1000 notes late 2022. However, the apex bank gave a short deadline to phase out the old naira notes, which triggered a cash scarcity across the country. Following a Supreme Court order that nullified the deadline, the … Read more
The Central Bank of Nigeria has issued new guidelines to banks to promote transparency in the banking system. The guidelines require customers’ consent before their data can be obtained for open banking products and services. The CBN hopes the guidelines will expand the range of financial products and services available to bank customers. EKO HOT … Read more