Eko Hot Blog reports that the Federal Government has slammed a $10 billion fine on the cryptocurrency trading platform Binance over its role in the free fall of the naira. This was made known by the Special Adviser to the President On Information and Strategy, Bayo Onanuga, in an interview with the BBC on Friday … Read more
EKO HOT BLOG reports that in an aggressive move to stabilize the naira against the dollar, the Central Bank of Nigeria (CBN) has injected over $300 million into Deposit Money Banks within the past two weeks. This development, revealed in an advisory memo from the Association of Corporate Treasurers of Nigeria (ACTN), underscores the apex bank’s … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN), on behalf of the Federal Government, has again increased the exchange rate for cargo clearance to N1,605 per Dollar. Naija News understands that this adjustment follows recent fluctuations, with the rate initially rising to N1,515/$, then dropping to N1,472/$. Since January, there have been several … Read more
EKO HOT BLOG reports that the Nigerian Federal Government is planning to raise $10 billion to enhance liquidity in the foreign exchange market. The naira fell to an all-time low of 1,850 per dollar at the parallel market on Tuesday. President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this during the inaugural Public Wealth … Read more
EKO HOT BLOG reports that the Presidency says a controlled floatation of the naira to prevent further devaluation would only return Nigeria to the economic regime of the embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele. It said the policy, which saw about $1.5bn spent monthly to shore up the naira, fuelled financial … Read more
Eko Hot Blog reports that, in response to growing concerns about the declining value of the Naira and various forms of currency abuse, the Economic and Financial Crimes Commission (EFCC) has unveiled a Special Task Force dedicated to addressing these issues. The task force, specifically focused on Currency Abuse and Forex Malpractices, aims to tackle … Read more
Eko Hot Blog reports that the Economic and Financial Crimes Commission (EFCC) has disclosed that it has set up a Special Task Force in all its Zonal Commands to tackle the ‘dollarization’ of the economy. It added that it has invited proprietors of private universities and other institutions of higher learning in Nigeria charging fees … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has warned against the use of foreign currency as a medium of exchange in the country. The apex bank gave the warning in a statement on Sunday which was signed by its Director of Corporate Communications, Ibrahim Muazu. Editor’s Picks Prof Anthony Ani Wins … Read more
EKO HOT BLOG reports that goods worth millions of naira was lost to overnight fire incident occurred at Sango market in Ibadan, the Oyo state capital. The inferno, which was said to have caused by electric spark burnt over 20 shops in the market. EDITOR’S PICKS Trailer Driver Falls Off Lagos-Ibadan Expressway Bridge In Lone Accident … Read more
Eko Hot Blog reports that, in the latest effort to address the free fall of the Naira against the dollar, the Central Bank of Nigeria, CBN, has ordered banks to limit the Net Open Position, NOP, of their foreign currency assets and liabilities to 20 per cent of shareholders’ funds. NOP defines a bank’s risk … Read more
Eko Hot Blog reports that Nigeria’s currency, the Naira, fell to an all-time low of N1348.63/$ 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 Former President Muhammadu Buhari on Tuesday, January 16, stated that he didn’t sack Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN) when there were speculations about Emefiele’s presidential ambition, emphasizing that Emefiele never discussed it with him. This revelation and others were made public in a memoir … Read more
The official Investor and Exporter window witnessed the naira falling to N1089.51/$ on Tuesday, marking a significant 27.19% drop from its Monday closing rate of N856.57/$ On Tuesday, the naira experienced fluctuations, opening at N922.22/$, reaching a high of N1251/$, a low of N720/$, and finally closing at N1089.51/$. The continued decline in the naira’s … Read more
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has disbursed about $61.64 million to foreign airlines operating in the country as part of efforts to decrease its outstanding liability to the airlines. The CBN acting Director, Corporate Communications Department, Hakama Sidi, who made this known in a statement yesterday, disclosed that the … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has opened up on the reason for the naira scarcity across the nation. The apex bank disclosed that some individuals are hoarding the currency. EDITOR’S PICKS New ICPC Chairman Musa Aliyu Assumes Office Two-year-old Boy Killed By NDLEA Laid To Rest In Delta Lagos Govt … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has urged a Federal High Court in Lagos to dismiss a suit filed by human rights lawyer, Femi Falana, seeking to compel the apex bank to stop the alarming depreciation of the Naira. CBN, in its preliminary objection to the suit, is contending that … Read more
The naira yesterday made a significant gain of N175 to dollar at the parallel market. The naira rebound happened about 24 hours after the Supreme Court judgment affirming President Bola Ahmed Tinubu’s victory at the 2023 Presidential elections. EDITOR’S PICKS ‘Supreme Court Has Failed Nigerians’ – PDP Reacts As To Tinubu’s Victory ‘Supreme Court Verdict … Read more
EKO HOT BLOG reports that the General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye on Sunday predicted that Naira will bounce back and will be greater than the United States dollar. The buying rate of dollar in the black market currently buys for N915 and sells at N918. EDITOR’S PICKS JUST IN: … Read more
EKO HOT BLOG reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has criticised the Nigerian National Petroleum Company Limited (NNPCL) for securing a loan of $3 billion for the purpose stabilising the Naira. IPMAN Chairman in Rivers State, Dr. Joseph Obele, in a statement made available to LEADERSHIP Weekend in Port Harcourt yesterday, … 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