CBN Reforms, Diaspora Trust Driving Remittance Surge – Dabiri-Erewa Dabiri-Erewa described the jump in remittance inflow as “humongous” “Our exchange rate is becoming a lot more competitive” – Cardoso Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), has hailed the recent surge in diaspora remittances as a major boost to Nigeria’s economy, … Read more
Afrinvest projects Naira at N1,804 per dollar by 2025 due to FX volatility. CBN faces challenges in meeting foreign exchange demand. EFEMS introduces relative stability amid Naira fluctuation The Nigerian Naira is expected to depreciate to a fair value of N1,804 per dollar in the official market by 2025, according to a recent Afrinvest report … Read more
Nigeria and China have renewed their bilateral currency swap agreement, extending the deal for another three years, with provisions for further renewals upon mutual consent. EDITOR’S PICKS NNPC Unveils Command Centre for Real-Time Monitoring of Hydrocarbon Operations ATCON Urges FG to Tackle Infrastructural Barriers Hindering Broadband Expansion BREAKING: Sokoto Villages Hit by Airstrike Targeting Terrorists, … Read more
The naira appreciated by N135 against the dollar, closing at N1,640 in the parallel market on Monday. In the official market, the naira strengthened to N1,539.55 from N1,541.68. The currency gains coincide with the Nigerian government’s announcement of a three-day public holiday for Christmas and New Year. The naira saw a significant appreciation against the … Read more
The Senate has initiated a move to restore Nigeria’s monetary sovereignty by prohibiting the use of foreign currencies for payments and transactions within the country. EKO HOT BLOG reports that this effort aims to ensure that all financial transactions, including salaries, are conducted in naira. The proposed ban would cover not only local workers but … Read more
The Chartered Institute of Bankers of Nigeria (CIBN) has expressed concerns about the negative effects of certain government policies, including the removal of the fuel subsidy and the floating of the Naira, on both the banking sector and the Nigerian economy as a whole. EKO HOT BLOG reports that this statement was made during the … Read more
The naira weakened against the dollar on Friday in the foreign exchange market, ending the week on a downward trend. According to data from the Central Bank of Nigeria’s FX rate, the naira depreciated to N1,540.00 per dollar on Friday, compared to N1,532.00 on Thursday, reflecting a slight decline of N8 at the official market. … Read more
The Court of Appeal sitting in Abuja, on Monday, overturned a Federal High Court decision that barred the Central Bank of Nigeria (CBN) from releasing monthly statutory allocations to Rivers State. The appellate court, in a split decision of two-to-one, ruled that the Federal High Court lacked jurisdiction to entertain the suit that led to … Read more
The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday. According to data from the Central Bank of Nigeria (CBN), the naira closed at N1,532 per dollar, up from N1,545 on Wednesday. Similarly, data from FMDQ indicated that the naira strengthened to N1,534.35 per dollar on Thursday, compared … Read more
Nigeria’s broad Money Supply (M²) surged by 48.3% year-on-year (YoY) to reach N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023, according to the Central Bank of Nigeria (CBN) Money and Credit Statistics report released yesterday. EKO HOT BLOG reports that despite this increase, M² experienced a month-on-month (MoM) … Read more
The exchange rate between the naira and the US dollar fell to approximately N1,745/$1 on the parallel market on Wednesday, marking a sharp decline from the N1,600/$1 levels recorded at the end of last week. On various platforms, peer-to-peer (P2P) exchanges quoted rates as low as N1,715/$, while some International Money Transfer Operators reported rates … Read more
The Naira has regained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation. Central Bank of Nigeria (CBN) exchange rate data for Tuesday revealed that the Naira strengthened to N1,525 per dollar, up from N1,538.50 on Monday. This marks a gain of N13.5 compared to the … Read more
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso. A severance package exceeding ₦50 billion has been allocated for this initiative. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce Shortage Crisis Erupts at Celestial Church … Read more
The Association of Bureaux De Change of Nigeria (ABCON) has announced that the Central Bank of Nigeria (CBN) has extended the deadline for Bureaux De Change (BDC) operators to complete their recapitalisation by six months, moving the new deadline to June 3, 2025. ABCON President, Aminu Gwadabe, disclosed this development during a virtual general meeting … Read more
The Central Bank of Nigeria (CBN) has uncovered a new fraudulent scheme involving fake SWIFT messages and has warned Nigerians and the public to be cautious of falling victim to scammers. In a statement issued on Tuesday, CBN spokesperson Hakama Sidi Ali clarified that the bank does not offer correspondent banking services for Nigerian banks … Read more
Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, testified that the bank’s board did not recommend the 2022 naira redesign to then-President Muhammadu Buhari. Obiora, who once served as Special Adviser on Economic Matters to former CBN Governor Godwin Emefiele, stated that the board first learned of the redesign policy on … Read more
National Security Adviser (NSA) Nuhu Ribadu has issued a firm warning against any actions that obstruct security efforts under President Bola Tinubu’s administration, pledging a zero-tolerance stance on threats to national safety. EKO HOT BLOG reports that Speaking at the Comptroller General of Customs Conference in Abuja on Wednesday, Ribadu underscored the government’s commitment to rooting … Read more
The Federal Government has announced plans to begin disbursing loans at single-digit interest rates to Small and Medium Enterprises (SMEs) by the third quarter of 2025. This initiative aims to provide affordable financing to small businesses that often struggle with high interest rates and collateral requirements. EDITOR’S PICKS NASU, SSANU Strike Nears End As FG … Read more
The Federal Government has proposed a five percent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling Nigeria’s tax framework. Titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act … Read more
The Federal Government’s efforts to reduce food prices through a zero percent duty and exemption from value-added tax on basic food items are facing serious setbacks, as the average price of imported food items surged to a staggering 878.3 price point index in September 2024. This spike reflects the mounting economic challenges hampering attempts to … Read more