Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has refuted claims of intending to convert $30 billion domiciliary deposits into naira. Reports suggested that the Federal Government and the CBN contemplated converting domiciliary accounts to naira to stabilize the naira. There were strong indications that the Federal Government was considering a policy … Read more
Eko Hot Blog reports that the Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, has revealed that about 81% of Nigerians within the employment pool are not engaged in any productive sector of the economy. Despite Nigeria boasting a relatively low unemployment rate of 4.2%, the majority of those employed are … Read more
Eko Hot Blog reports that Nigeria’s currency, the Naira, fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange. Monday’s official … Read more
EKO HOT BLOG reports that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said former President Muhammadu Buhari approved the Naira redesign programme. Emefiele stated this in a statement on Sunday titled, “Re; Emefiele, other stole billions, illegally kept Nigeria’s funds in foreign banks” in response to the publication of the … Read more
Eko Hot Blog reports that Sen. Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate) says the appointment of the new management team for the Central Bank of Nigeria (CBN) is to rejig the bank and make it alive to its responsibilities. Gumel said this in a statement on Wednesday in … Read more
EKO HOT BLOG reports that the Senate on Tuesday, September 26, resumed plenary after its six weeks annual vacation. Senate president, Godswill Akpabio led a procession of principal officers into the chamber at about 11.40 a.m. after which he said the opening prayers. EDITOR’S PICKS Ogun Records Cholera Outbreak, Warns Residents Mohbad’s Mother Insists … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has directed commercial banks to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The directive was given in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa. Editors Pick Tribunal Sacks LP Rep … Read more
Eko Hot Blog reports that the Central Bank of Nigeria, CBN is planning new measures to check the deteriorating value of naira in the foreign exchange market. These measures are coming following the meeting between president Bola Tinubu and the acting CBN governor, Folashodun Shonubi at the state house. The acting governor of the Apex … Read more
Eko Hot Blog reports that the Central Bank of Nigeria(CBN) has released the Consolidated Financial Statements for the last seven years. The financial statement, published on its website, includes the financial periods of 2016, 2017, 2018, 2019, 2020, 2021, and 2022. Editors Pick JUST IN: ASUU Sacks Chairman Over Financial Misappropriation Two Fake Police Officers … Read more
EKO HOT BLOG reports that barely 24 hours after a Federal Capital Teritorry High Court sitting in Abuja ordered the release of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, from detention, another court has nullified his arrest, detention and interrogation by the Department of State Services (DSS). In a judgment … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has disclosed that the nation’s official currency, the naira can now stand as a payout option for remittances from the diaspora. The was contained in a circular dated July 10, 2023, and signed by CBN’s Director, Trade and Exchange Department, O.S. Nnaji. EDITOR’S PICKS … Read more
The recent directive by the Central Bank of Nigeria (CBN) to include customers’ social media handles as part of the customer identification process has sparked both praise and concerns. While the CBN aims to strengthen Customer Due Diligence (CDD) regulations and combat fraudulent activities, there are valid apprehensions regarding privacy infringement and its potential impact … Read more
The CBN has released guidelines for banks to scrutinize Nigerian senators and politicians’ accounts. The guidelines require enhanced due diligence, identity verification, and transaction monitoring for suspicious activity. Politicians’ accounts will face closer scrutiny, increased investigation likelihood, and potential withdrawal restrictions. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has released new … Read more
SERAP has called on the CBN to immediately delete unlawful provisions in its regulations, which mandate banks to obtain customers’ social media handles for identification. SERAP argues that such requirements violate the rights to freedom of expression and privacy. They have given the CBN a three-day ultimatum to reverse the policy and withdraw the directive. … Read more
The CBN mandates financial institutions to collect customers’ social media handles, email addresses, phone numbers, and residential addresses for enhanced identification. This complies with anti-money laundering and counter-terrorism financing laws. The regulations apply to individuals and legal entities, requiring additional information like identification documents and account details. EKO HOT BLOG reports that the Central Bank … Read more
EkoHotBlog reports that President Tinubu has revealed why he suspended Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN). Speaking during an interactive session with Nigerian community living in France on Friday, Tinubu said the country’s financial system under Emefiele was rotten. EDITOR’S PICKS Major Nigeria Newspaper Headlines Saturday, June 24th, 2023 … Read more
Godwin Emefiele, the suspended CBN Governor, has filed a suit against the DSS to challenge his detention. The AGF and the DSS have insisted that the detention is lawful and have filed a preliminary objection against the suit. The case has been adjourned till July 13 for ruling. EKO HOT BLOG reports that the … Read more
EkoHotBlog reports that the Department of State Services (DSS) has raised alarm over some groups and persons’ plans to stage a protest over the suspension and investigation of Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). The DSS also claimed, “the groups intend to gather at different points in the … Read more
The IMF supports Nigeria’s central bank’s policy to unify exchange rates, allowing market forces to determine the rate. The new policy ensures that certain requests will still be processed through the Investors and Exporters (I&E) window. All forms of exchange rate segmentation are abolished, and the “Willing Buyer, Willing Seller” model will be reintroduced at … Read more
The Chairman of GUWN, George Uboh, discloses his 101-day arrest and detention in 2019 after exposing a forex scam involving former CBN Governor Godwin Emefiele. Uboh praises Tinubu for suspending Emefiele He also calls for an independent whistleblower office to strengthen the policy and protect whistleblowers. George Uboh, Whistleblowers Network, arrest, detention, forex scam, … Read more