Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has barred some online microfinance banks from opening new accounts and accepting new customers. The microfinance banks include Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. Editor’s Picks Senate Gives Condition To Waive Ningi’s Suspension BREAKING: JAMB Releases 2024 UTME Results World Malaria Day: … Read more
Eko Hot Blog reports that the Economic and Financial Crimes Commission (EFCC) has filed a fresh charge against former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, at the High Court of the Federal Capital Territory. The new charge accused Emefiele of approving the printing of N684,590,000 at a rate of N18.96 billion, among other … Read more
In recent weeks, the Naira has staged an impressive comeback against the United States Dollar, soaring by over N700 from N1,800 to its current N1,020 rate. This remarkable resurgence is attributed to the strategic policies implemented by the Cardoso-led Central Bank of Nigeria, which has effectively bolstered the Naira’s position against the dollar. Editor’s Picks … Read more
Tinubu-led govt hasn’t borrowed from CBN since assuming office. Finance Minister emphasizes commitment to using ‘Ways and Means’ to manage liquidity. Plans for tax reforms to boost revenue and address low tax-to-GDP ratio outlined. EKO HOT BLOG reports that Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the Bola Tinubu-led Federal … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has refuted claims of selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. CBN, in a post on X, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 … Read more
PDP Sweeps Bayelsa, Secures Victory In All LG, Councillorship Positions. APC opts out of the election by not presenting candidates. Declaration of winners made across different local government areas, highlighting PDP’s comprehensive win. EKO HOT BLOG reports that the ruling Peoples Democratic Party (PDP) in Bayelsa State achieved a clean sweep in the local government election … Read more
Eko Hot Blog reports that the Ikeja High Court in Lagos has ordered the remand of Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), in the custody of the Economic and Financial Crimes Commission (EFCC). The court also directed that Emefiele’s co-defendant, Henry Omoile, be held at Kirikiri Prison, both awaiting … Read more
BDCs will be getting the dollar from the CBN at the rate of N1,101/$. The CBN instructed them to sell dollars at a rate not exceeding 1.5% above the purchase price. That means BDCs are not expected to sell above N1,117/$1. Eko Hot Blog reports that bureau de change (BDC) operators have started buying foreign exchange … Read more
Ex-CBN Governor, Emefiele Arrives Lagos Court For Arraignment. Allegations include arbitrary allocation of billions in foreign exchange without proper bidding. EFCC accuses Emefiele of corruption during his tenure, violating the Corrupt Practices Act. EKO HOT BLOG reports that Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, currently grappling with various challenges, made an appearance at … Read more
NIMC collaborates with CBN and NIBSS to introduce new National Identity Card with payment and social service features. Card aims to provide physical ID, access to government services, and financial inclusion. Eligibility requires NIN registration; features include debit/prepaid functionality, data protection, and offline capability. EKO HOT BLOG reports that the National Identity Management Commission (NIMC), on … Read more
Eko Hot Blog reports that the Nigeria’s official currency, the Naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Editor’s Picks JUST IN: Army Reacts As Explosion Rocks Ikeja Cantonment Police Confirm Delta … Read more
Eko Hot Blog reports that the Managing Director of Financial Derivatives Company Limited, Bismark Rewane, has predicted that the pump price of diesel would drop significantly in May with the commencement of diesel production at Dangote Refinery. The renowned economist made this projection while appearing on Channels TV’s news bulletin. Editor’s Picks Lagos Govt Announces … Read more
Nigerian Naira depreciates against US dollar, reaching N1,309.39 per dollar. Despite depreciation, trading volume surges to $857.78 million, doubling from previous day. Investor’s and Exporters’ window sees Naira fluctuating between N1,392 and N1,250 against dollar, amid market volatility. EKO HOT BLOG reports that the Nigerian Naira has witnessed a decline in value against the US dollar … Read more
CBN introduces new capital requirements for Nigerian banks to bolster sector resilience. Commercial banks with international authorization must now have N500 billion capital. Non-interest banks need to meet capital thresholds of N20 billion (national) and N10 billion (regional). Eko Hot Blog reports that in a move aimed at fortifying the Nigerian banking sector, the Central … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate, which benchmarks interest rates, from 22.75 percent to 24.75 percent. The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th meeting of the Monetary Policy Committee (MPC) press briefing in Abuja. Editor’s Picks Fake News Alert: … Read more
CBN approves sale of $10,000 to each BDC at N1,251/$1 rate. Circular directs BDCs to sell to eligible users with a spread of not more than 1.5% above purchase price. Second tranche of foreign exchange sale to eligible BDCs authorized by the apex bank. The Central Bank of Nigeria (CBN) has sanctioned the sale of … Read more
Eko Hot Blog reports that the Naira on Wednesday showed a remarkable rebound against the US dollar in both the official and parallel markets. The local currency notably strengthened against the greenback, particularly in the black market. This came as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank. This development was announced in a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali. … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced that the 294th meeting of the Monetary Policy Committee (MPC) will be held on Monday, March 25, 2024. The apex bank announced this information on its official X handle on Tuesday. The event will take place at the CBN headquarters in Abuja, … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has recently sold a record N1.3 trillion in Treasury Bills, with a specific focus on attracting overseas investors. This strategic move is designed to bolster the influx of foreign exchange (forex) into Nigeria, ultimately aiming to fortify the value of the Naira. Lately, the Naira … Read more