Justice Mary Anenih of the High Court of the Federal Capital Territory has instructed the Economic and Financial Crimes Commission (EFCC) to present two witnesses virtually in the trial of former Central Bank Governor Godwin Emefiele. In a ruling on Friday, Justice Anenih approved the EFCC’s application, allowing the agency to field witnesses who are … Read more
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The CBN had initially suspended the levy’s implementation following a decision by the Federal Executive Council (FEC). In May, the CBN had directed all banks in Nigeria to collect and remit a 0.5 percent cybersecurity … Read more
The U.S. Federal Reserve’s recent interest rate cut is expected to influence the upcoming decisions of Nigeria’s Monetary Policy Committee (MPC), which meets next week to discuss potential rate changes. With the Fed reducing borrowing costs, Nigeria’s central bank may feel compelled to consider a similar move, as it balances inflation management with the need … Read more
President Bola Tinubu urged Nigerians to support locally made products to maintain the recent improvements in the naira’s value. The Tinubu administration implemented measures like ceasing petrol subsidies and unifying foreign exchange rates to combat currency volatility. Special Adviser Ajuri Ngelale emphasized the need for collaboration with the Central Bank and reporting of activities devaluing … Read more
Eko Hot Blog reports that the Kogi State Police Command has verified that David Umar Mike, the secretary of the state governorship election tribunal, was attacked by gunmen in Lokoja. The incident involved the theft of sensitive documents related to the recent gubernatorial election. SP William Aya, the Police Public Relations Officer for the Kogi … Read more
Governors Wike, Tambuwal, and Sanwo-Olu have joined forces in a legal challenge against President Buhari and the Central Bank over the naira redesign policy. It was gathered that the Govt of Bayelsa, Rivers, and Sokoto will be joining as co-plaintiffs in a suit filed by the governments of Kaduna, Kogi, and Zamfara states. The states … Read more
A new video shows a bank actively trying to sabotage CBN’s efforts by stockpiling new Naira notes in the vault. This goes against the Central Bank’s directives to place the Nigerian currency in circulation for its citizens. The video starts a debate on what the intentions truly are as the Central Bank and the commercial … Read more
Nigerians show their outrage in Ibadan due to the inability to withdraw new naira notes. Central Bank of Nigeria has their new bank policy under question as commercial banks stand against the CBN orders. Tyres burnt in the protests as Nigerians air frustration EKO HOT BLOG reports that protests erupted in Ibadan, the capital of … Read more
Emefiele following criticisms from Nigeria’s political space has revealed the reason behind the Nigerian naira’s redesign. The decision to redesign the naira notes was inspired by a terrible event in 2015 general elections prior to President Buhari’s emergence as Nigeria’s President. The CBN Governor reveals about N2.7 trillion was loaded into people’s private homes ahead … Read more
Vladimir Putin has been humiliated again as Russian Banks lose £21 billion due to Western sanctions. EKO HOT BLOG reports that Russian Banks have lost around £21 billion during the first part of the year due to the impact of western sanctions. Top officials at Russia’s Central Bank spoke about the huge loss … Read more
CBN Increases Interest Rate To 13.5% Amid Inflation Emefiele said the MPC is suspicious, there might be an aggressive accretion of inflation EDITOR’S PICK Many Feared Dead As Explosion Rocks Kano 2023 Presidency: Ohanaeze Threatens Boycott Of Polls Over Zoning Niger-Delta Youth Group Sends Strong Warning To Wike Over Dagogo Detention EKO HOT BLOG reports … Read more
China’s central bank on Friday declared all crypto-currency transactions illegal, stepping up a campaign to block use of unofficial digital money. EkoHotBlog reports that China is one of the world’s largest crypto-currency markets and 95 percent of crypto mining occurs in China. “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China … Read more
Zimbabwe’s central bank governor on Monday said the exchange rate for the new transitional currency is unlikely to remain at 2.5 per U.S. dollar by the time tobacco auctions open next week, suggesting the local unit will be devalued further. The southern African nation faces a dearth of dollars that has caused shortages of fuel, … Read more