The Central Bank of Nigeria (CBN) has projected that lifting petroleum from the newly launched Dangote Refinery will help reduce food prices in Nigeria in the short to medium term. CBN Governor Olayemi Cardoso shared this outlook during a press conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja. EKO HOT … Read more
The electricity subsidy paid by the Federal Government surged to N181.63 billion in September, up from N102.30 billion in May, indicating a potential tariff increase for customers on Band A feeders. In April, the Nigerian Electricity Regulatory Commission (NERC) announced the removal of subsidies for customers on Band A feeders, raising their tariff to N225 … Read more
As Nigerians anticipate the release of Premium Motor Spirit (PMS) from the $20bn Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited (NNPCL) has announced it will begin lifting the product from the refinery on September 15, with prices influenced by foreign exchange rates and market forces due to the deregulated market. EDITOR’S PICKS Police … Read more
EKO HOT BLOG reports that the Nigerian government aims to save $7.32 billion annually following President Bola Tinubu’s directive that the Nigerian National Petroleum Company Limited (NNPC) sell crude oil to local refineries in Naira. This announcement, made by Zacch Adedeji, Special Adviser on Revenue, came after the Federal Executive Council (FEC) meeting chaired by … Read more
Dangote Refinery announced that Nigeria will stop importing petrol by next month due to the refinery’s production capabilities. The refinery’s operations could reduce Nigeria’s annual fuel import bill by N6.2 trillion, saving significant foreign exchange expenditures. The refinery will meet the fuel needs of West Africa and beyond, including supplying aviation fuel to the continent … Read more
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
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
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
House of Representatives urges NAFDAC to lift ban on sachet alcohol and pet bottles. Chair of House Committee on NAFDAC, Mrs. Regina Akume, stresses call during Abuja press briefing. Previous House directive to lift ban issued on March 14, 2024, in response to industry protests over job losses and investment risks. EKO HOT BLOG reports that … Read more
EKO HOT BLOG reports that Crypto experts and enthusiasts have expressed concerns over the recent ban on Binance naira operations in Nigeria, warning that it could exacerbate youth unemployment in the country. In interviews with Punch, these experts urged the government to explore more effective ways of addressing Nigeria’s current foreign exchange challenges. EDITOR’S PICKS BREAKING: … Read more
Eko Hot Blog reports that the Federal Government has suspended the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service. This was disclosed in a statement signed by the National President, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele … Read more
Eko Hot Blog reports that Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) are facing a notable development as the Central Bank of Ghana has decided to suspend their Foreign Exchange Trading Licences. This suspension, effective from March 18, 2024, is set to last for a month. Editor’s Pick “Binance Traders … 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 President Bola Tinubu has said his policies on fuel subsidy removal and foreign exchange have started yielding positive results. According to the President, the Federal Government already received support and commendations from the global communities over those policies. EDITOR’S PICKS BREAKING: Tinubu Appoints Special Investigator To Probe CBN BREAKING: ECOWAS … Read more
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
Emirates has suspended flight operations in Nigeria. Eko Hot Blog reports that Emirates Airline has suspended flights operations to Nigeria indefinitely. EDITOR’S PICKS Ethiopia, Tigray Forces Agree To End Two-year Conflict After Obasanjo’s Intervention Israel’s PM Lapid Concedes Election As Netanyahu Pulls Comeback Tragedy As Son Stabs Nigerian Mom To Death In London (PHOTOS) In … Read more
CBN has given a fresh directive to banks over forex ban. EKOHOTBLOG reports that the Central Bank of Nigeria (CBN) has ordered all commercial banks in the country to publish on their websites the names and Bank Verification Numbers (BVN) of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks. … Read more
President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to stop making foreign exchange available for the importation of food items. Buhari gave the directive at the fifth regular meeting with the presidential economic advisory council that held at the statehouse in Abuja. Ekohotblog reports that the development makes it the third time … Read more
The Central Bank of Nigeria (CBN) on Monday says it is banning middlemen or third parties from getting foreign exchange using form M. The apex bank said it would no longer approve payment of foreign exchange to form M applicants who do so through a company and agent, thereby eliminating third parties. The party announced … Read more
Foreign exchange scarcity continues to bite hard at the parallel market, causing the Naira to dropped N5 against the US Dollar to trade at N455/$1 on Friday, May 15, Businesspost reports At the previous session on Thursday, the local currency had traded at N450/$1 at the same market segment. Against the Euro, the local currency … Read more