The FMDQ forex market recorded a turnover of just $61.9 million, marking the lowest since January 2024. This figure is the second-lowest daily average turnover this year, following the $59.6 million recorded on January 8, 2024. EKO HOT BLOG learnt that in January, forex turnover was notably low as the central bank grappled with strategies … Read more
Eko Hot Blog reports that some recently disengaged employees of the Central Bank of Nigeria (CBN) are reeling from the shock of their sudden dismissal, alleging maltreatment and injustice by the management. They contend that many were denied their entitlements prior to their termination, a move they argue breaches the bank’s human resource rules and … Read more
CBN prohibits misuse of Naira notes like spraying, squeezing, or writing on them Offenders could face 6-month jail term or N50,000 fine under mobile courts Sale, trade, or hawking of Naira notes is also an offense punishable by law Eko Hot Blog reports that the improper treatment of Naira notes represents a significant violation with … Read more
Nigerian banks impose ATM withdrawal limits, linked to cash scarcity. CBN cites substantial withdrawals and panic-driven activity for cash scarcity. Lagos banks reinstate ATM withdrawal restrictions, aligning with cash management efforts. EKO HOT BLOG reports that Nigerian commercial banks have imposed withdrawal limits on their automated teller machines (ATMs), with varying restrictions observed across different banks, … Read more
Why Price Of Food Won’t Drop Immediately Despite Naira Appreciation Market adjustment processes could delay visible decreases in the cost of goods and services. Traders cite challenges such as infrastructural constraints and expenses to maintain product quality, affecting price reductions. EKO HOT BLOG reports that as the Nigerian naira experiences an upturn against the dollar, economists … 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
Moghalu criticizes Emefiele for presidential bid, deems him unfit as CBN governor. Moghalu disapproves of Emefiele’s performance at CBN, cites poor core mandate outcomes. Emefiele suspended by Tinubu, arrested by DSS. EKO HOT BLOG reports that the former presidential candidate, Kingsley Moghalu, has said the suspended Governor of the Central Bank Of Nigeria (CBN), Godwin … Read more
The Presidency has denied knowledge of Emefiele’s study leave. The presidency said it was not aware of such a development. Reports had surfaced indicating that the CBN Governor Emefiele was on the brink of fleeing the country, amid accusations of corruption and supporting terrorism that have been levelled against him. EKO HOT BLOG reports that … Read more
President Buhari reportedly granted the CBN governor, Godwin Emefiele, a study leave amid corruption and terrorism-financing allegations. It is alleged that Emefiele used the said study leave as an opportunity to flee the country before May 29 when a new government would take over. The DSS opposes the alleged study leave granted to Emefiele, citing … Read more
The CBN has announced the discontinuation of old Naira notes as legal tender in Nigeria. The CBN said old Naira notes of N200, N500, and N1000 have ceased to be legal tender. The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza. EKO HOT BLOG reports … Read more
Court Grants Emefiele’s Request To Contest For Presidency. The presiding judge, Justice DC Maidoh delivered the judgement on Thursday, May 12 and adjourned the case to May 25. EDITOR’S PICK You’re Not Fit For President’ – Nigerians React After Atiku Deletes Tweets Condemning Student’s Killing [JUST IN] 2023: Buhari’s Aide Confirms Jonathan Now APC Member … Read more
UBA has released the names and account details of forex defaulters. EKOHOTBLOG reports that the United Bank of Africa (UBA) has published the names, Bank Verification Numbers (BVN), and account numbers of some individuals alleged to have violated the forex policy of the Central Bank of Nigeria (CBN). UBA made the disclosure via … Read more
First Bank on Wednesday announced the appointment of Gbenga Shobo as the new Managing Director/Chief Executive Director The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. According to the News Agency of Nigeria (NAN), … Read more
Lagos State Governor, Mr. Babajide Sanwo-Olu, has assured local and foreign investors safety of their investments in the state. Sanwo-Olu said his administration is working daily to improve infrastructure, encourage innovation, agriculture Lagos State Governor, Mr. Babajide Sanwo-Olu, has assured local and foreign investors safety of their investments in the state. Sanwo-Olu gave the assurance … Read more
The Lagos Government has announced that bags of rice would be sold for ₦20,000 to residents before Christmas. Ekohotblog learnt that initiative is in partnership with Kebbi Government and Central Bank of Nigeria (CBN). The Commissioner for Agriculture, Ms Abisola Olusanya, made it known to newsmen on Monday in Lagos that about 100,000 bags of … Read more
Shareholders of Jaiz Bank Plc will receive a dividend for the financial year ended December 31, 2019, Businesspost reports The decision to finally reward shareholders of the company after a long wait was reached at the meeting of the board of directors of Jaiz Bank held on Monday, March 16, 2020. Announcing the outcome of … Read more
One of the fastest-growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence. Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria. For Heritage Bank, it’s … Read more