CBN

EFCC Cracks Down On ‘Dollarization’, Summons University Owners Over Dollar Fee Charges

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Eko Hot Blog reports that the Economic and Financial Crimes Commission (EFCC) has disclosed that it has set up a Special Task Force in all its Zonal Commands to tackle the ‘dollarization’ of the economy. It added that it has invited proprietors of private universities and other institutions of higher learning in Nigeria charging fees … Read more

Startling Revelation: CBN Uncovers $2.4b Invalid FX Claims

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Eko Hot Blog reports that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has disclosed that $2.4 billion, out of the reported $7 billion in outstanding foreign exchange liabilities of the federal government, cannot be considered valid for settlement. Cardoso made this revelation in an interview with Arise Television on Monday. He … Read more

CBN Bans Use Of Foreign Currencies For Transactions

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has warned against the use of foreign currency as a medium of exchange in the country. The apex bank gave the warning in a statement on Sunday which was signed by its Director of Corporate Communications, Ibrahim Muazu. Editor’s Picks  Prof Anthony Ani Wins … Read more

Financial Stability: CBN Introduces Fresh Cash Reserve Measure

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) on Friday said that it will no longer be debiting daily amounts from the Cash Reserve Ratio and will instead be implementing an improved Cash Reserve Requirement method.

CBN Governor, Michael Cardoso

This development will make it easier for banks to plan, monitor, and align their records with those of the central bank, according to the CBN.

This directive was issued by the CBN on Friday in a circular titled “Cash Reserve Requirement Framework Implementation Guidelines,” which was signed by Dr. Adetona Adedeji, acting director of the department in charge of banking supervision.

The Cash Reserve Ratio is the proportion of required cash held in reserves to total deposits made by the bank.

A methodical approach, as delineated by the CBN, shall be employed in the execution of the new framework for cash reserve requirements.

The statement read, “The determination of the segment of deposits subject to sterilisation with the CBN as CRR will follow the processes outlined below:

Central Bank Of Nigeria

“Phase 1 – Utilisation of the Incremental Approach: The extant ratios (commercial banks 32.5% and merchant banks 10%) will be applied to increases in the banks’ weekly average adjusted deposits.

“Phase 2 — CRR levy of 50% of the lending shortfall will be enforced for banks that do not meet the minimum Loan to Deposit Ratio (LDR) as per our correspondence to all banks referenced BSD/DIR/GEN/LAB/12/049 dated September 30, 2019.

The CBN further stated that banks will receive information about the levies imposed and the reasoning behind them.

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Naira Free Fall: CBN Clamps Down On Banks, Pegs Trade, Assets In Forex

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Eko Hot Blog reports that, in the latest effort to address the free fall of the Naira against the dollar, the Central Bank of Nigeria, CBN, has ordered banks to limit the Net Open Position, NOP, of their foreign currency assets and liabilities to 20 per cent of shareholders’ funds. NOP defines a bank’s risk … Read more

Tinubu Moves Crude Oil Sales Revenue From NNPCL To CBN – Details

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Healthcare

EKO HOT BLOG reports that President Bola Tinubu has ordered the Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL). This online media platform gathered that the move was to show transparency and accountability as NNPCL over the years has maintained sole control … Read more

1,500 CBN Staff Resume Duties At Lagos Office After Redeployment

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Eko Hot Blog reports that 1,500 Central Bank of Nigeria staff members are set to resume at its Lagos office after being redeployed from the headquarters. According to PUNCH, a source at the apex bank revealed that the plan, though heavily criticised, was still in motion, and affected staffers would be resuming on Friday. “Yes, … Read more

“Mischief Makers” – Vice President Shettima Blasts Those Opposing Relocation Of CBN, FAAN Departments

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Eko Hot Blog reports that Vice President Senator Kashim Shettima has berated those condemning the federal government’s decision to relocate some departments and units of the Central Bank of Nigeria (CBN) and Federal Airport Authority of Nigeria (FAAN) from Abuja to Lagos. The vice president insisted that President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’ would … Read more

Tinubu Set To Sack Underperforming Ministers

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Eko Hot Blog reports that President Bola Ahmed Tinubu will drop any minister who performs woefully and doesn’t not deliver on his or her mandates. The Special Adviser to President Bola Tinubu on Policy and Coordination, Hadiza Bala-Usman, said this at the opening of a retreat in Uyo, the Awka Ibom capital, on Wednesday. Editor’s … Read more

CBN Holds MPC Meeting February 26

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CBN

EKO HOT BLOG reports that The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th. This is according to a tentative MPC meeting calendar posted on the website of the apex bank on Friday. EDITOR’S PICKS Uzodimma’s Inauguration: Tinubu Meets Obasanjo In … Read more

‘How Emefiele Impersonated SGF To Collect $6.2M From The CBN’- FG Reveals

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Eko Hot Blog reports that the federal government, on Thursday, slammed amended charges against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele in the case before Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja. As earlier reported by Naija News, the amended charge sheet contains a total of 20 counts … Read more

‘Why I didn’t Sack Emefiele’ – Buhari Speaks Up

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Emefiele

EKO HOT BLOG reports that Former President Muhammadu Buhari on Tuesday, January 16, stated that he didn’t sack Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN) when there were speculations about Emefiele’s presidential ambition, emphasizing that Emefiele never discussed it with him. This revelation and others were made public in a memoir … Read more

CBN Decongests Head Office, Moves Departments To Lagos

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) is set to decongest its head office in Abuja and transfer some of its departments to Lagos State. The apex bank made this known in an Internal memo seen on Saturday. The apex bank stated that the move is meant to increase the productivity … Read more

Report Warns of Potential Wave Of Multinational Departures From Nigeria

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Cardinal Stone’s report warns that multinational FMCG companies may exit Nigeria in 2024 unless the operating environment improves. The report underscores the adverse effects of the substantial depreciation of the naira. FMCG firms are expected to reimagine operational strategies in 2024 to enhance cost efficiency. Eko Hot Blog reports that multinational corporations operating in the … Read more

CBN Appoints New Heads for Union, Keystone, Polaris Banks

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CBN has appointed a new board of directors to govern Polaris, Union, and Keystone banks The former director of governors was dissolved last night Hadi Sirika says the appointment takes immediate effect Eko Hot Blog reports that barely a few hours after dissolving the board of directors of governing Polaris, Union, and Keystone banks, the … Read more

EFCC Reacts To N100 Million Court Order Over Emefiele’s Detention

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Eko Hot Blog reports that Economic and Financial Crimes Commission (EFCC) has revealed that it will appeal the N100 million fine that the Federal Capital Territory High Court slammed on it for violating the right to personal liberty of former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. This news media had reported … Read more

Naira Gets Major Boost As CBN Clears $61.64m Backlogs To Foreign Airlines

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has disbursed about $61.64 million to foreign airlines operating in the country as part of efforts to decrease its outstanding liability to the airlines. The CBN acting Director, Corporate Communications Department, Hakama Sidi, who made this known in a statement yesterday, disclosed that the … Read more

BREAKING: FG Moves To Seize Control Of Union Bank, Titan Trust Bank Over Link With Emefiele

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Eko Hot Blog reports that the Federal Government has reportedly initiated actions to take control of Union Bank Limited and Titan Trust Bank Limited, intending to oust their respective boards next week. This development stems from the findings of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023, to scrutinize the operations … Read more

EFCC Extends Forex Scandal Inquiry, Summons Dangote Officials To Abuja

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Eko Hot Blog reports that the Economic and Financial Crimes Commission has invited some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC had on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, … Read more

EFCC’s Sweep: BUA Cement’s Office Raided In Forex Probe

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EFCC in BUA

EKO HOT BLOG reports that Operatives of the Economic and Financial Crimes Commission (EFCC) have reportedly stormed the office of BUA cement in relation to an investigation on the forex transactions of the company. This online media platform understands the EFCC besieged the BUA Towers located at PC 32, Churchgate Street, Victoria Island, Lagos State, on … Read more

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