Central Bank of Nigeria

Osinbajo’s Aide, Akande Reveals Why Emefiele Was Arrested

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JUST IN: DSS Arrests Emefiele

Osinbajo’s Aide, Akande tweets why CBN Gov. Emefiele was suspended and arrested Says it is time the CBN Governor faced suspension & investigation Eko Hot Blog reports that Laolu Akande, media aide to former Vice President Yemi Osinbajo has said the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele is embattled due … Read more

Emefiele: Naira Depreciates Amid CBN’s Governor Suspension

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Naira depreciates

Naira depreciates further against the dollar at N472.50. Governor of Central Bank of Nigeria, Godwin Emefiele, suspended; Deputy Governor (Operations Directorate) appointed as acting governor. $77.42 million traded at Investors and Exporters window. EKO HOT BLOG reports that Naira on Friday depreciated further against the dollar at the Investors and Exporters window, exchanging N472.50 to … Read more

JUST IN: DSS Arrests Emefiele

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JUST IN: DSS Arrests Emefiele

Eko Hot Blog reports that the Department of Secret Service (DSS) has arrested the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele. The arrest comes shortly after President Bola Tinubu suspended the embattled CBN governor. EDITOR’S PICKS   Major Nigeria Newspaper Headlines Saturday, June 10th 2023 Why IPOB Banned Lawyer, Ejimakor, Others From Visiting … Read more

Central Bank of Nigeria Takes E-Naira Campaign To Aliko Dangote University

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E-Naira

The Central Bank of Nigeria has launched the E-Naira campaign at Aliko Dangote University of Science and Technology in Kano. Students and staff are encouraged to adopt the E-wallet system for tuition and other transactions, promoting financial security and efficiency. The university has expressed support for the initiative, recognizing the benefits of cashless transactions and … Read more

May 29: 15 Key Things You Need To Know Ahead Of Tinubu’s Inauguration

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Removing Subsidy Tinubu

  As Nigeria prepares for the inauguration of Asiwaju Bola Tinubu as the country’s 16th president, there are key things you need to know. EKO HOT BLOG gathered that ahead of the inauguration, Nigerians have called on the president-elect to take quick actions to tackle critical issues in the country’s economy, security, fuel subsidy and … Read more

Nigerian Senate Convene For Emergency Meeting Over CBN Matters

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Nigerian Senate Convene For Emergency Meeting Over CBN Matters

The Nigerian Senate convenes for an emergency plenary meeting. According to reports, this is to deliberate on matters relating to the amendment of the Central Bank of Nigeria Act, 2004. The session, originally scheduled for 10 a.m. on Saturday, commenced a few minutes past 11 a.m., with lawmakers convening to deliberate on significant bills. EKO … Read more

FG Directs Banks To Issue National Identity Cards (NIN) To Nigerians

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New National Identity Card

The Nigerian Government has announced that citizens can now request debit cards from their commercial banks that also serve as national identity cards. This initiative was approved by the Federal Executive Council and aims to address the demand for physical identity cards. The banks will print the cards in partnership with the National Identity Management … Read more

CBN Raises Interest Rate to 18.5% Amidst Rising Inflation Concerns

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CBN Raises Interest Rate to 18.5% Amidst Rising Inflation Concerns

The CBN has announced an increase in its interest rates policy to 18.5 percent. This move comes after a 50 basis points increase in the benchmark interest rate to 18 percent in March. Emefiele emphasized the need for collaboration with the fiscal authority to address the underlying drivers of inflation and the continuous monitoring of … Read more

CBN Withdraws Operational Licences Of 132 Microfinance Banks, Others

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The CBN has revoked the operational licenses of 132 microfinance banks and other financial institutions. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was made public through the official … Read more

CBN Sets Record Straight On BVN Validity

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BVN validity

  The Central Bank of Nigeria (CBN) has confirmed that the Bank Verification Number (BVN) issued in collaboration with Nigeria Inter-Bank Settlement System does not expire. BVNs issued in Nigeria remain valid for life once a customer’s biometrics have been captured and enrolled in the database of NIBSS. The CBN implores all bank users across … Read more

NIS Chief Blames Currency Control Measures For Scarcity Of Passport Booklets

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Scarcity of Passport Booklets 

The Nigeria Immigration Service (NIS) has blamed the CBN for the shortage of passport booklets in the country. The delay in the issuance and renewal of passports prompted an investigation by the House of Representatives. It led to the appearance of NIS boss, Idris Jere, who revealed that major components for producing booklets are sourced … Read more

Naira Policy Fallout: Nigerians Demand Resignation, Arrest Of Emefiele

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Naira Policy

Nigerians are protesting at CBN headquarters demanding the resignation and arrest of CBN Governor over the failed new naira notes policy. The protesters claim that the policy has caused hardship for many Nigerians, leading to deaths. The group plans to call for Emefiele’s arrest and prosecution by the International Criminal Court for crimes against humanity. … Read more

Nigeria’s e-Naira Initiative Exceeds 1.4 million Transactions

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Nigeria's e-Naira Initiative Exceeds 1.4 million Transactions

Nigeria’s e-Naira initiative surpasses 1.4 million transactions. This was revealed at CBN’s 34th Seminar for Finance Correspondents and Business Editors in Calabar. The e-Naira had been developed to foster digital financial inclusion and broaden payment possibilities for Nigerians, with potential for fast-tracking intergovernmental and social transfers. EKO HOT BLOG reports that the Central Bank of … Read more

‘Redesigned Naira Notes Still In Circulation’, CBN Refutes Withdrawal Claims

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New notes

The Central Bank of Nigeria has denied reports that it plans to phase out the newly redesigned naira notes. The bank stated that old and new currency notes have been circulating side by side and will continue to be accepted as legal tender. The redesigned and old notes will circulate together for transactions ahead of … Read more

CBN Speaks On Efforts To Ease Out Old Naira Notes Before December Deadline

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Naira

Nigerians are hoarding redesigned naira notes ahead of the December deadline for the phasing out of old notes. Despite the Supreme Court ruling that old and new notes should circulate until the end of the year, most notes spent by Nigerians are still the old ones. The CBN is printing and releasing more new notes … Read more

International Best Practices: CBN Director Lauds Naira Redesign Policy

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Naira redesign

The CBN has stated that the naira redesign policy was to support stability in the exchange rate and fight crime. The CBN reassured Nigerians of the robustness of the payment system infrastructure to handle the growing usage of online banking facilities. The CBN’s interest rate increase has drawn criticism, as it may negatively impact the … Read more

Fake News Alert: CBN Denies Plans to Suspend OPAY, PALMPAY Accounts

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CBN

The CBN has denies reports that it suspended accounts of Fintech companies, OPAY and PALMPAY. The apex bank described the viral news as “simply fake”. The Fintech companies have also dismissed the reports as false and misleading. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has debunked the reports making rounds that … Read more

JUST IN: CBN Releases Cash, Orders Banks To Operate On Weekend

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  • The CBN has released more cash into the economy.

  • The CBN has also ordered commercial banks to operate on weekend.

  • The development is coming days after NLC threatened to stage protests at CBN offices nationwide.

EKO HOT BLOG reports that the Central Bank of Nigeria, CBN has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.

EDITOR’S PICKS  

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja, on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

FURTHER READING  

He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

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Old Naira Notes: Akeredolu Issues New Directive To Ondo Residents

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Akeredolu has issued a new directive to Ondo residents regarding the Old Naira Notes. In a state-wide broadcast on Thursday, the Governor stated that refusal to accept the old notes would be considered disobedience of a court order. Akeredolu added that if residents of Ondo State continue to reject the money, it would only inflict … Read more

Naira Scarcity: Properties Looted As Hoodlums Ransack, Destroy Banks In Rivers

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Hoodlums have destroyed three commercial banks in Rivers State. The affected institutions are First Bank, Keystone Bank, and the  First City Monument Bank. The hoodlums reportedly looted computer monitors, desktops, water dispensers, and other items inside the bank. EKO HOT BLOG reports that during a protest against the Central Bank of Nigeria’s naira redesign policy, … Read more

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