The House of Representatives has responded to the recent increase in petroleum product prices by demanding an immediate reversal of the hikes in petrol and cooking gas prices. This initiative was led by Deputy Minority Leader Aliyu Madaki and supported by 111 other lawmakers. EDITOR’S PICKS ICYMI: Nigerian TikToker, Oloba Salo Reportedly Shot in Lekki, … Read more
The Federal Government of Nigeria generated N103.7bn in revenue from Electronic Money Transfer Levies (EMTL) in the first half of 2024, marking a 7.55% increase compared to N96.44bn in the same period of 2023. Data from the Central Bank of Nigeria revealed this growth, driven by the rising adoption of digital payment platforms as more … 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 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 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 Economic and Financial Crimes Commission (EFCC) informed a federal high court in Lagos that no individual has come forward to claim the $2.045 million linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN). Rotimi Oyedepo, EFCC counsel, made the statement on Thursday before the presiding judge, Deinde Dipeolu. The … Read more
The Central Bank of Nigeria (CBN) has appointed a new Managing Director and Chief Executive Officer (CEO) for the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL), along with new board members. Jude Nnadozie, Head of Corporate Communications at NIRSAL Plc, confirmed the appointments in a recent statement. Babajide Arowosafe has been named the … Read more
The Trade Union Congress (TUC) has attributed the recent rise in fuel prices in Nigeria to the devaluation of the naira rather than the removal of fuel subsidies by President Bola Tinubu in May 2023. TUC President Festus Osifo, speaking on Channels Television’s Politics Today program, criticized the current administration for the naira’s devaluation, which … 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
Nigeria’s Securities and Exchange Commission (SEC) has granted approval in principle to two cryptocurrency exchanges, Quidax and Busha, officially recognizing them as legal crypto trading platforms in the country. EKO HOT BLOG reports that these approvals were issued under the Commission’s Accelerated Regulatory Incubation Program (ARIP). Additionally, the SEC has admitted four other companies—Trovotech Ltd, … 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 House of Representatives will investigate the alleged misappropriation of over ₦2 trillion disbursed by the Central Bank of Nigeria through the Anchor Borrowers Scheme under former President Buhari, amid concerns of food scarcity and mismanagement. EKO HOT BLOG reports that the House of Representatives has vowed to investigate the alleged misappropriation of over ₦2 trillion … Read more
The Senate panel probing the N30 trillion Ways and Means loans has received additional documents and will resume its investigation after reviewing them. EKO HOT BLOG reports that the Senate panel investigating the N30 trillion Ways and Means loans taken from the Central Bank of Nigeria (CBN) by the Federal Government has received additional documents from … Read more
The Federal Government raised N284.26 billion in its latest Treasury Bills auction amidst escalating debt levels, reflecting strong investor demand for safe-haven investments amid economic uncertainties. EKO HOT BLOG reports that The Federal Government, through the Central Bank of Nigeria (CBN), has successfully raised N284.26 billion in its latest Nigerian Treasury Bills auction, highlighting robust investor … Read more
Senator Isah Jibrin confirmed that the Senate’s investigation into the ₦30 trillion Ways and Means loans from the CBN is ongoing, dispelling rumors of abandonment. Senator Isah Jibrin, Chair of the Senate committee investigating the ₦30 trillion Ways and Means loans obtained by the Federal Government from the Godwin Emefiele-led Central Bank of Nigeria (CBN), … Read more
President Bola Tinubu has on Sunday received a symbolic gold bar from Dele Alake, the Minister of Solid Minerals Development. Eko Hot Blog reports that, the development according to Alake, will boost the naira value and the country’s foreign reserves. Alake expressed appreciation to President Tinubu for backing reforms in the solid minerals sector, stating … Read more
The NIMC has confirmed that Nigerians will start using the new three-in-one identity card with payment and social service features by August 2024, with testing and deployment already underway. Eko Hot Blog reports that the National Identity Management Commission (NIMC) has confirmed that Nigerians will begin utilizing the proposed three-in-one identity card services in August … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank, a prominent commercial bank in Nigeria. This development was announced in a statement released on Monday, June 3, by Ag. Director, Corporate Communications, CBN, Hakama Sidi Ali. According to her, the CBN, in line with its … Read more
200+ CBN officials terminated, adding to ongoing disengagements. Various positions affected, including directors and lower-ranking staff. Staff apprehensive due to lack of specified criteria for decisions. EKO HOT BLOG reports that over 200 officials of the Central Bank of Nigeria on Friday, were terminated, joining the ongoing wave of disengagements within the apex bank. This adds … Read more
Emefiele Loses $4.7m, N830.8m, Properties To FG The order was issued by Justice Yellim Bogoro after an ex-parte application by the EFCC. The forfeited properties include various buildings, warehouses, and plots of land in Lagos. EKO HOT BLOG reports that Justice Yellim Bogoro of the Federal High Court sitting in Lagos has ordered a temporary forfeiture … Read more