The Central Bank of Nigeria (CBN) has denied fixing deadline for the circulation of the old N200, N500 and N1,000 banknotes. The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi Ali, said this in a statement on Thursday in Abuja. Sidi-Ali was reacting to social media reports that the apex bank had fixed … Read more
The Central Bank of Nigeria (CBN) released $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1) to Nigerians for food importation in the second quarter of 2024. This amount marks a 20.6% decrease from the $689.88 million recorded in the first quarter, with a corresponding reduction of N80.76 billion when converted to naira. … Read more
An erstwhile Deputy Governor of the Central Bank of Nigeria, CBN, Edward Adamu, on Wednesday told the Federal Capital Territory High Court Abuja that a former Governor of the Bank, Godwin Emefiele did not follow laid down procedure in the process that led to the redesign of some notes of the Nigerian currency. Adamu, who … Read more
The Central Bank of Nigeria (CBN) has projected that lifting petroleum from the newly launched Dangote Refinery will help reduce food prices in Nigeria in the short to medium term. CBN Governor Olayemi Cardoso shared this outlook during a press conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja. EKO HOT … Read more
The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria’s (CBN) fifth interest rate hike, raising the rate to 27.25%. According to FMDQ data, the naira traded at N1,658.48 per dollar on Tuesday, down from N1,562.66 on Monday, marking a depreciation of N95.82. Similarly, in … Read more
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent. EDITOR’S PICKS: School Proprietress Allegedly Killed, Burnt By Son In Delta Man Detained for Allegedly Killing Mother, Mutilating Son in Abia Fubara Regains … Read more
The Central Bank of Nigeria (CBN) has begun the process of appointing new directors to replace those who were relieved of their positions, including several who retired approximately 11 months ago. An internal advertisement published by the apex bank, which was reviewed by Daily Trust, provided this information. The advertisement indicates that the CBN is … 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 refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year. Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a … 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
The Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for Keystone Bank as part of its strategy to ensure the institution’s sustained growth. Keystone Bank confirmed the appointments in a statement on Wednesday, highlighting the CBN’s decision to name a new board chairman, five non-executive directors, and two executive … Read more
The Central Bank of Nigeria (CBN) has authorised the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar in an effort to increase forex liquidity and satisfy market demand. This was revealed in a statement signed by Dr. W.J. Kanya, Director of the Trade & Exchange … Read more
The Central Bank of Nigeria (CBN) has dismissed all executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a comprehensive restructuring at the apex bank. The decision, approved on Friday by CBN Governor Olayemi Cardoso, is the latest in a series of significant personnel changes since he took … Read more
Around 100 former Central Bank of Nigeria (CBN) employees have filed a lawsuit against the apex bank at the National Industrial Court, seeking compensation for damages. The employees were among the 200 staff members dismissed in May under the Yemi Cardoso administration as part of a reorganization effort. EDITOR’S PICKS #Endbadgovernance: Organizers Plan Another Protests … Read more
The Nigerian National Assembly passed a bill to increase the Central Bank’s loan limit to the Federal Government from 5% to 10% of annual revenue. EKO HOT BLOG reports that the two chambers of the National Assembly passed a bill on Wednesday to increase the percentage of Ways and Means loans the Central Bank of Nigeria … Read more
Interest Rate Jumps to 26.75% as Monetary Authority Tightens Policy The Monetary Policy Committee (MPC) of the Central Bank of Nigeria’s (CBN) has raised the baseline interest rate by 50 basis points to 26.75% from 26.25%. This decision was made at the end of its 296th meeting on July 22-23, 2024, attended by eleven members. … Read more
EFCC contests former CBN Governor Godwin Emefiele’s application to release his passport for a medical trip to the UK, citing insufficient medical justification and potential bail violation. the Economic and Financial Crimes Commission (EFCC) has contested former Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s application to release his passport for a medical trip to … Read more
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) regarding the rejection of dirty or mutilated Naira notes. Eko Hot Blog reports that the CBN issued the warning in a statement released by the acting director of the currency operations department, Solaja Olayemi on Thursday. In the statement, … Read more
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to explain the whereabouts of over N100 billion in ‘dirty and bad notes’ and other large sums of cash held at various CBN branches. Eko Hot Blog reports that SERAP through a statement by its deputy … Read more
SERAP has given CBN Governor Olayemi Cardoso a seven-day ultimatum to account for over ₦100 billion in ‘dirty notes’ and missing funds for unfinished projects, as detailed in the Auditor-General’s report. EKO HOT BLOG reports that the Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of … Read more