Banks have told Nigerians that re-issuing old notes can only be done with an order from CBN. The Supreme court last week ordered an extension of the use of old notes. The FG is yet to obey the Court order or address Nigerians on the issue. EKO HOT BLOG reports that Banks are divided over … Read more
Some banks have reportedly been accepting old N500 and N1,000 notes from customers, despite the CBN’s recent directive. Some banks reportedly allowed customers with the code to deposit old notes up to N500,000. The CBN denied instructing banks to continue to collect old notes from depositors. EKO HOT BLOG reports that some banks on Saturday … Read more
Millions of Nigerians have been struggling to access naira notes for several weeks due to the CBN’s plan to phase out old naira notes. Deposit money banks have been failing to meet the demands for the new naira notes. On Friday, the Council of State urged the apex bank to print more notes to meet … Read more
The CBN had planned to phase out the old N200, N500, N1000 notes from February 10, 2023. The move came after the apex bank redesigned the concerned naira notes. Due to the difficulty in accessing the new naira notes, some states sued the federal government. Eko Hot Blog reports that the Supreme Court of Nigeria … Read more
Nigerian banks have debunked claims stating that they are to be held responsible for cash scarcity. ACAMB sympathised with Nigerians over the inconvenience the cash policy has caused. According to the President of the ACAMB, banks are not the problem of cash scarcity. EKO HOT BLOG reports that Nigerian banks have denied allegations claiming that … Read more
There has been a scarcity of naira notes since the CBN announced plans to phase out the old naira notes. Despite the apex bank extending the deadline to phase out the old notes, queues as the ATMs have persisted. The CBN has pledged that the queues will “disappear soon.” Eko Hot Blog reports that the … Read more
By Min Eddie The CBN was set to phase out the use of the old N200, N500, and N1,000 notes from February 1, 2023. However, the apex bank faced various calls to extend the deadline due to the shortage of the new notes. The CBN has now bowed to pressure by extending the deadline. Eko … Read more
The CBN was set to phase out the use of the old N200, N500, and N1,000 notes from February 1, 2023. However, the apex bank faced various calls to extend the deadline due to the shortage of the new notes. The CBN has now bowed to pressure by extending the deadline. Eko Hot Blog reports … Read more
Some commercial banks’ ATMs have been stocked with new notes following CBN’s announcement. EKO HOT BLOG reports that commercial banks in Ekiti have begun to issue new naira notes to customers. Automated Teller Machines of the banks are now also stocked with the new notes, a situation that excites the people of the state. EDITOR’S … Read more
The CBN has threatened to sanction the banks refusing to load the new naira notes in their ATMs. Eko Hot Blog reports that the Central Bank of Nigeria (CBN) says commercial banks that fail to comply with the directive of loading the redesigned naira notes in their automated teller machines (ATMs) will face penalties. EDITOR’S … Read more
CBN has clarified its directive on the new banknotes. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has clarified that it did not ban Deposit Money Banks (DMBs) from paying customers new notes over the counter. This online media platform gathered that the CBN, in a memo, had directed the banks to … Read more
By Praise Benjamin The Central Bank of Nigeria has in recent time been working tirelessly to regulate the system’s economy and get complete control of “all cash in circulation” throughout the country. This is a laudable move, as it promises to offer numerous advantages, such as lowering the inflation rate, regulating prices of goods, monitoring … Read more
CBN has provided fresh information on the Cash withdrawal limits. EKO HOT BLOG reports that Central Bank of Nigeria (CBN) has said the new cash withdrawal limits was a continuation of the cashless policy launched in 2012. The Deputy Governor of Financial System Stability, CBN, Aisha Ahmad, made this known while appearing before the House … Read more
There are already fake copies of the redesigned naira notes in circulation just a few days after they were released to the public. Eko Hot Blog reports that there are specific features that can help you differentiate a fake naira note from a genuine one. EDITOR’S PICKS Court Halts DSS Move To Arrest Emefiele Over … Read more
CBN has assured Nigerians of safety and protection against any losses. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has promised to protect Nigerians without bank accounts, to ensure they don’t suffer any loss in the proposed Naira redesign exercise. According to the bank, it would protect Nigerians in Unbanked, Underserved, and … Read more
Three US-based economists have won the 2022 Nobel Prize in Economics. Eko Hot Blog reports that Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig, all of United States (US)-origin, have won the 2022 Nobel Prize in Economics. EDITOR’S PICKS Belarusian Activist, Russian, Ukrainian Groups Win 2022 Nobel Peace Prize French Author Wins 2022 … Read more
Nigerian travellers and students abroad are stranded as banks adjust their forex sale policy due to dollar scarcity. EKO HOT BLOG reports that Nigerian travellers and students abroad are finding it increasingly difficult to access the United States dollar at the Central Bank of Nigeria’s official rate for eligible transactions. EDITOR’S PICK: Black Market … Read more
Ekiti records 74 new cases of COVID-19 – Health Commissioner …Others are reporting at the nearest health facility when sick, getting tested and isolated if positive and adhering to COVID-19 measures by banks and other institutions. EDITOR’S PICK: Police Storm Peoples Gazette Newspaper’s HQ In Abuja, Arrest 5 Staff Akeredolu Reveals When He Will Buy … Read more
3 Nigerian Banks Fined 800M over crypto transaction Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc, involved in crypto transactions EDITOR’S PICK NURTW Sacks MC Oluomo, Dissolves Lagos State Exco FG To Borrow N720bn In Q2 – DMO 2023: Those Working Against Zoning Are Selfish – Wike EKO HOT BLOG has … Read more
Banks have been shut down in Ogun. EKOHOTBLOG reports that scores of commercial banks in Ijebu–Ode, Ogun State, have closed operations over the fear of being attacked by armed robbers. It was gathered that the banks in the Ogun community have been shut down since Monday following letters allegedly sent to some of … Read more