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NCC, CBN approve 30-Second refunds for failed airtime, data purchases

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have jointly approved a framework that guarantees near-instant refunds for failed airtime and data purchases. Under the new arrangement, subscribers who are debited without receiving value will automatically receive refunds within 30 seconds, addressing one of the[Read More…]

January 14, 2026 by Eberechi Constance Comments are Disabled

NCC, CBN set to roll out refund framework for failed airtime, data transactions

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions. The NCC’s Head of Public Affairs, Nnenna Ukoha said this in a statement on Thursday. Ukoha said[Read More…]

January 10, 2026 by Eberechi Constance Comments are Disabled

Business

CBN sells N3.32trn Open Market Operations bills to investors in June, rate hits 26.64%

Central Bank of Nigeria (CBN) sold through Open Market Operations (OMO) bills worth N3.32 trillion to local banks, other investors, and foreign portfolio investors in June this year. OMO is a monetary instrument through which the CBN manages excess liquidity in the system, thus attracting foreign currency into the[Read More…]

July 7, 2025 by Eberechi Constance Comments are Disabled

Business

CBN tells Nigerians to report banks not disturbing cash

The Central Bank of Nigeria (CBN) has urged members of the public who are unable to obtain cash, either over-the-counter or through ATMs to report the Deposit Money Banks (DMBs) involved using designated reporting channels and formats. The CBN also directed the banks to ensure efficient cash disbursement[Read More…]

December 5, 2024 by Eberechi Constance Comments are Disabled

Business

CBN unveils electronic system to enhance transparency in forex market

The Central Bank of Nigeria has introduced an Electronic Foreign Exchange Matching System, (EFEMS) aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November.[Read More…]

October 4, 2024 by Eberechi Constance Comments are Disabled

Business

Union Bank reports 20% growth in PBT H1, 2024, despite CBN’s intervention

Union Bank reports 20% growth in PBT H1, 2024, despite CBN’s intervention Despite the challenging environment following the Central Bank of Nigeria’s intervention in January 2024, which led to heightened customer concerns, Union Bank of Nigeria has reported a profit before tax of N79.8 billion on gross earnings of N333[Read More…]

August 20, 2024 by Eberechi Constance Comments are Disabled

Business

CBN Approves Merger Of Unity, Providus Banks

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria (CBN) has approved the merger of Unity Bank Plc and the Providus Bank Limited. The apex bank, announced the approval on Tuesday in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the[Read More…]

August 7, 2024 by Eberechi Constance Comments are Disabled

Business

CBN increases interest rate to 26.75% amid soaring Inflation

CBN increases interest rate to 26.75% amid soaring Inflation The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices. CBN Governor, Olayemi Cardoso, announced this after[Read More…]

July 24, 2024 by Eberechi Constance Comments are Disabled

Business

CBN moves to protect monies in dormant accounts from frauds

CBN moves to protect monies in dormant accounts from frauds The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that monies in dormant accounts in banks are susceptible to fraud. He said this on Tuesday at the end of the 296th meeting of the Monetary[Read More…]

July 24, 2024 by Eberechi Constance Comments are Disabled

Business

Increasing transaction volumes of non-bank financial firms threatens system stability, Cardoso

Increasing transaction volumes of non-bank financial firms threatens system stability, Cardoso Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that increasing transaction volumes of non-bank financial institutions threatens the stability of Africa’s financial system. Cardoso revealed this on Monday while addressing the College of Supervisors[Read More…]

July 2, 2024 by Eberechi Constance Comments are Disabled

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