According to the lawmaker, the CBN Governor feels he is bigger than Nigeria. Tajudeen Adefisoye a House of Representatives member, has reacted to the continuous fall of the Nigerian Naira in parallel and official markets. In a tweet shared by the Hous of Reps member, Adefisoye said the recent exchange rate is now scary. He … Read more
GTBank, Access Bank, and other commercial banks must know their customers and the businesses they do, the Central Bank of Nigeria (CBN) advised. The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs), including Access Bank and GTBank, against malpractices in the foreign exchange (Forex) market. In a letter signed by Ozoemena Nnaji, … Read more
Naira has hit a all-time low against the dollar. EKOHOTBLOG reports that the naira on Thursday continued its downward spiral on the parallel market, selling for N543 to the dollar on Thursday. While bureau de change operators in Abuja bought dollar at N540, it was sold for N543. The British Pound was also sold for … Read more
The suspect was caught in possession of forty seven (47) fake I’D Cards bearing different names. The Kano State Police Command has apprehended a popular fraudster who posed as a representative of the Central Bank of Nigeria (CBN) to defraud about 64 unsuspecting members of the public using fake documents. DSP Abdullahi Haruna Kiyawa the … Read more
CBN has given a fresh directive to banks over forex ban. EKOHOTBLOG reports that the Central Bank of Nigeria (CBN) has ordered all commercial banks in the country to publish on their websites the names and Bank Verification Numbers (BVN) of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks. … 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 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
Soko Loans, in terms and conditions, grants its customers loans without collateral and lengthy paperwork. The user can then download the mobile application on their phone and activate a direct debit in the company’s favour. However, accepting the terms and conditions of the app gives the company access to the users phone contacts. The Federal … Read more
“At this rate in the next two years in terms of purchasing power parity, the average income of a Nigerian would have gone back to what it was in 1980 under Shehu Shagari. That means, in 40 years, no progress, we made zero progress. 40 years wasted,” Sanusi posited. The deposed Emir of Kano and … Read more
The report stated that, “Topping the list is the African nation of almost 200 million people, mainly on the younger, more tech-savvy side. With most Nigerians adept at sending money and paying through their phones, almost a third of Nigerians surveyed by Statista have used or owned crypto at some point.” A top cryptocurrency exchange … Read more
“Some big boys and Emefiele were at Montego Bay City, Jamaica, last weekend to celebrate his 60th birthday. They flew there quietly with their private jets. The party was organised and held in secret to keep it away from prying eyes,” a source stated. Prominent figures in the Nigeria’s banking and finance industry, as well … Read more
Eko Hot Blog can tell that Section 21 of the CBN Act of 2007 kick against the spraying of and stomping on the Naira notes. The Law stated that any person caught in the act will be imprisoned for six months, with an option of fine, or both penalties will be meted on such individual. … 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 Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products The Central Bank of Nigeria (CBN) has confirmed that it will launch its digital currency come October 1, 2021. CBN made the disclosure during a confidential webinar on Thursday where it outlined a digital currency initiative. Speaking during … Read more
…CBN said the three firms “have made reasonable progress in achieving backward integration”… The Central Bank of Nigeria (CBN) has limited the importation of sugar into the country to three companies: Dangote Sugar Refinery Plc, BUA Sugar Refinery Limited, and Golden Sugar Company, which is owned by Flour Mills of Nigeria Plc. In a statement … Read more
The CBN also divulged plans to increase the amount of foreign exchange allocated to banks to meet legitimate needs. On Friday, the Bureau De Change disclosed that the naira exchanged to the dollar at N504 at the parallel market. A month earlier, the dollar was at N490 but had recently moved to N500 as … Read more
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
The governors decried that the debt profile of Nigeria with over 80 per cent of normal appropriation spent on debt servicing was rising… Governors elected on the platform of the Peoples Democratic Party (PDP) on Monday raised an alarm over the rate at which the APC-led Federal Government is borrowing money to fund projects in … Read more
USSD is a channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services. Many users of USSD services in Nigeria on Friday started to see a notice to pay ₦6.98 for each transaction session. “Welcome to USSD Banking,” one notice said. “Please note, a N6.98 … Read more