Business

The Nigerian Communications Commission (NCC) on Tuesday directed all banks to stop debiting USSD transaction charges from customers’ bank accounts, with effect from Tuesday, June 3, 2025. According to a notice sent by United Bank for Africa (UBA) to its customers, the charges for Unstructured Supplementary Service Data (USSD) services will now…

Businesses in Nigeria maintained a positive performance streak for the fifth consecutive month in 2025, as current Business Performance Index for May 2025 stands at +9.78, signaling mildly positive business activity, though slightly lower than the +12.29 recorded in April 2025. The Business Confidence Monitor (BCM) is the flagship survey-based…

The Nigeria Deposit Insurance Corporation (NDIC) has called for feedbacks from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System. In a statement signed by Head, Communication…

The European Commission on Monday issued a fine totaling 329 million ($376 million) to Delivery Hero and former rival Glovo for participating in an online food delivery cartel. German company Delivery Hero became a minority shareholder of Spain-based Glovo in 2018, before acquiring sole control of Glovo in 2022. Delivery…

Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments. This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos…

The Central Bank of Nigeria (CBN) has reacted to certain publications  and social media reports which it said contained misleading information regarding the operations of a  regulated financial institution while reassuring the public, depositors, and stakeholders that the  Nigerian banking sector remains resilient, safe, and sound. CBN in a statement…

ConcisedailyNews – The Central Bank of Nigeria (CBN) is pleased to announce a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria. This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency…

The Nigeria Deposit Insurance Corporation (NDIC) has confirmed that it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024.…

The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. According to a statement by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications,…

The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the CBN, NFER stood at $23.11 billion,…