In the first quarter of 2024, cash transactions in Nigeria surged to a staggering N237 trillion, marking an 88 percent increase from the previous year’s N126 trillion, according to new statistics from the Nigeria Interbank Settlement System (NIBSS). This surge underscores the country’s growing reliance on electronic payment channels, […]
Deposit Money Banks (DMBs)
The Central Bank of Nigeria (CBN) is set to investigate and impose sanctions on Deposit Money Banks (DMBs) suspected of undermining efforts to stabilize the Naira and bolster the national currency. Recent reports have revealed that some banks are engaging in speculative activities, purchasing foreign currency from the Investors […]
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has announced to Nigerian Public that the Nigerian Communications Commission (NCC) has approved the disconnection of Deposit Money Banks (DMBs) by Mobile Network Operators (MNOs) in Nigeria if they fail to pay their outstanding debt for Unstructured Supplementary Service Data […]