Central Bank of Nigeria

Naira Becomes Worst-Perfoming Currency Globally

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Worst-Perfoming Currency

Recent Bloomberg report identifies Nigeria’s naira as worst-performing currency Naira hits record low against dollar, attributed to severe shortage of US dollars in local market. Volatility in currency expected to intensify pressure on CBN for rate hike. EKO HOT BLOG reports that a recent Bloomberg report highlights Nigeria’s currency, the naira, as the world’s worst-performing currency … Read more

BREAKING: Reps Make U-Turn Halt Cybercrime Levy Implementation

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Cybercrime Levy Implementation

Reps instructs CBN to halt cybercrime levy implementation. Minority Leader, Kingsley Chinda, moves urgent motion; House demands CBN withdraw circular. Circular causes confusion; Nigerians apprehensive; levy intended for specific entities as per Act. EKO HOT BLOG reports that the House of Representatives has instructed the Central Bank of Nigeria (CBN) to promptly cease the implementation of … Read more

‘No Suspension Of Cybersecurity Levy’ – Reps Stand Firm, Echo CBN Directive

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Cybercrime Levy Implementation

No Suspension Of Cybersecurity Levy’ – Reps Stands Firm, aligning with CBN’s directive. CBN mandates 0.5% cybersecurity levy on electronic transactions for financial institutions. Lawmakers express concern over levy’s timing and handling of funds, with Speaker Abbas urging further discussion on the matter. EKO HOT BLOG reports that  the House of Representatives has decided not to … Read more

REVEALED: Why OPay, Moniepoint Others Are Facing Regulatory Issues From FG

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Facing Regulatory Issues From FG

President of the Africa Fintech Network (AFN), links regulatory issues for Nigerian fintechs to their dynamic business models. Recent CBN directive halting customer onboarding by fintechs like OPay and Kuda Bank is due to suspicions of crypto trading exploitation. Aina emphasizes the need for innovation-friendly policies and improved corporate governance for sustainable fintech growth in … Read more

FULL LIST: 16 CBN-Licensed Loan App Companies In Nigeria

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Loan App

Digital lending in Nigeria has grown significantly, with licensed loan app companies offering credit facilities. Collaboration between the FCCPC and regulators ensures ethical practices. Sixteen CBN-licensed loan app companies operate in Nigeria, providing diverse financial services. EKO HOT BLOG reports that the digital lending landscape in Nigeria has witnessed significant growth, with an array of licensed … Read more

EFCC Files Fresh Charges Against Emefiele, Exposes Massive Naira Printing Scam

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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

Dispatch Rider Testifies: ‘I Facilitated Cash Deliveries For Emefiele,’ Revealing Details In Court

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Cash Deliveries For Emefiele

Dispatch Rider speaks on Cash Deliveries For Emefiele. Witness recounts delivering cash to defendant’s residence, implicating co-defendant. Bail granted with strict conditions; trial proceedings ongoing with plea of not guilty. EKO HOT BLOG reports that in testimony before the Special Offences Court in Lagos on Friday, dispatch rider Monday Osazuwa recounted how the embattled former Central … Read more

CBN Shakeup: Cardoso Terminates 50 Officials’ Appointments

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Loan App

CBN Shakeup: Fifty officials have been terminated from their positions at the CBN by Cardoso. The termination affects a range of positions across 29 departments within the apex bank. The ongoing disengagement process has caused apprehension among staff, with unclear criteria for the decisions. EKO HOT BLOG reports that Fifty officials have been sacked from their … Read more

Presidency Supports CBN’s Moves To Boost Naira, Targets Currency Racketeers

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Loan App

Presidency Supports CBN’s Moves To Boost Naira, Targets Currency Racketeers. Recent CBN measures lead to significant rebound of the naira against the dollar. Government commits to tackling inflation and boosting the economy through regulatory reforms and crackdown on illicit activities. EKO HOT BLOG reports that the Presidency has thrown its weight behind the concerted efforts of … Read more

‘It Will Trade Below…’ – Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange

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Dollar to Naira Exchange 5th September

  • Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange.

  • Onanuga suggests the possibility of Naira trading below N1000 to a dollar in the near future.

  • Central Bank of Nigeria sells $15.8 million at N1,101 per US dollar to meet foreign exchange demand.

EKO HOT BLOG reports that Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has made a new prediction regarding the exchange rate of the naira to the dollar in the upcoming weeks.

Onanuga expressed confidence in the naira’s strengthening position against the dollar, suggesting that it’s plausible for the Nigerian currency to trade below N1000 to a dollar in the near future.

EDITOR’S PICKS

He said that if that happens it will be “a great rally compared to where it (dollar to naira exchange rate) was weeks ago.”

Onanuga’s statement is coming amidst the Central Bank of Nigeria (CBN) selling $15.8 million at N1,101 per US dollar to bureau de change (BDCs) operators to meet demand for individual foreign exchange needs.

Naira To Dollar Exchange
Naira To Dollar Exchange

The CBN, in a notice said that it had sold $10,000 each to 1,588 bureau de change operators to meet eligible retail market demand and told operators to sell in turn to end users at a spread of not more than 1.5% above the purchase price.

FURTHER READING 

Speaking on the development via X, Onanuga wrote, “The way the Naira is gaining ground over the US Dollar, it will be safe to predict that the Naira will sooner than later be trading below N1000 to a dollar, a great rally compared to where it was weeks ago.”

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PDP Sweeps Bayelsa, Secures Victory In All LG, Councillorship Positions

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PDP Sweeps Bayelsa

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

EFCC Files 26 Fresh Count Charge Against Emefiele

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Count Charge Against Emefiele

EFCC files 26-count charge against former CBN governor Godwin Emefiele, including abuse of office and corruption. Charges set to be addressed before Justice Rahman Oshodi at Lagos High Court on April 8. Emefiele accused of illicit activities such as accepting gratification, corruption, and arbitrary allocation of foreign exchange. EKO HOT BLOG reports that the Economic and … Read more

FG To Launch New National Identity Card With Payment, Social Service Features

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New National ID Cards

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

Naira Maintains Streak, Appreciates To 1,250/$

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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

JUST IN: Naira Depreciates Against US Dollar, Hits N1,309.39/$

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Drop In Prices

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 Approves $10,000 Sale To Bureaux De Change At N1,251/$1 Exchange Rate

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Dangote Refinery Food CBN

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

Federal Government Launches N450 Billion Bond Offer To Investors

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Eko Hot Blog reports that the Federal Government is seeking to raise N450 billion from the investing public in a new debt issuance aimed at bridging government’s deficit and deepening the domestic capital market. According to The Nation, It was learnt last night that the Debt Management Office (DMO), which oversees the issuance and management … Read more

CBN Sells Record N1.3tr Treasury Bills To Strengthen Naira

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Loan App

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

Emefiele Faces Fresh Charges, Moves Out Of CBN Governor’s Quarters In Lagos

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Emefiele

EKO HOT BLOG reports that  Embattled ex-Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is currently in the process of vacating the official CBN Governors’ quarters in Lagos, amid unfolding legal challenges and fresh accusations against him. According to reliable sources from The Nation, Emefiele was seen moving his personal belongings from the residence … Read more

Naira Stability: CBN Stops IOCs From 100% Income Repatriation

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced far-reaching measures to shore up the value of the Naira, with more liquidity in the Foreign Exchange (FX) market as it directed International Oil Companies to henceforth repatriate 50 percent of their revenue to Nigeria.

The bank also announced an end to cash Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), as such allowances are henceforth to be obtained in cards.

According to Vanguard, CBN’s Director of Trade and exchange, Dr. Hassan Mahmud, issued two different circulars on the two measures which were released to Dealer banks Wednesday night.

CBN Governor, Michael Cardoso

Until now, IOCs paid their FX earnings 100 percent directly to their parent companies through what is called Subsidiary pools, without the Nigerian FX market benefitting from their export proceeds.

However, under the new policy, the CBN said IOCs will no longer be allowed to remit 100% of their forex proceeds to their parent company abroad as soon as they are earned.

Instead, they will be allowed to repatriate only 50% of their proceeds immediately while the other 50% must be repatriated to Nigeria and the amount held for at least 90 days in Nigeria from the day of inflow before being allowed to be taken out of the country.

The apex bank therefore directed, “banks to pool cash on behalf of IOCs, subject to a maximum of 50% of the repatriated export proceeds in the first instance, the balance of 50 % may be repatriated after 90 days from the date of inflow of the export proceeds.”

The CBN outlined documentation requirements to include: its approval for the repatriation of funds under the “Cash Pooling” transaction; a “Cash Pooling” agreement with the parent entity of the IOCs operating in Nigeria; Statement of Expenditure incurred in the period prior to the cash polling.

Wale Edun, Nigeria’s Minister Of Finance

Others are: Evidence of the source of foreign exchange inflow; and Completion of relevant forex form(s) as required under extant regulations.

The CBN directed all banks to inform their customers and comply with the regulation.

It said that it remained committed to the promotion of transparency in Nigerian FX market and would continue to develop policies to stabilize and deepen the market.

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