Business

Nigerians Sent N2tn Via USSD Codes In Six Months – Report

Published

6 months ago

December 8, 2024

The Central Bank of Nigeria’s electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19tn, were carried out via Unstructured Supplementary Service Data codes.

This is a significant milestone compared to the full-year data for 2023, which showed that N4.84tn was transacted via USSD codes across 630.6 million transactions.

The N2.19tn recorded in the first half of 2024 represents 45.3 per cent of the total value of USSD transactions in 2023 and 40 per cent of the total transaction volume for the same year.

Initially developed by telecom companies for providing airtime and subscription services, the USSD service has been widely adopted in the banking sector because it does not require an Internet connection.

USSD codes continue to play a crucial role in Nigeria’s financial inclusion strategy, offering a platform for users with limited internet access to make quick and convenient transactions.

This is especially important in rural areas, where internet connectivity remains unreliable.

However, this form of transaction has been threatened by over N250bn debt, which has been a contentious issue for the past six years, prompting past interventions from the Central Bank of Nigeria under Godwin Emefiele’s leadership and the former Minister of Communications, Isa Pantami, but no lasting solution has been reached.

The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, earlier lamented that banks have been profiting from USSD services without fulfilling their payment obligations in the last six years.

Last month, it was reported that telecom operators in Nigeria were seeing some progress in the repayment of the N250bn debt tied to Unstructured Supplementary Service Data services, with smaller banks beginning to settle their obligations.

However, tier-one lenders responsible for the bulk of the debt are yet to make significant payments.

At the time, the ALTON chairman disclosed that while some repayments have been recorded, they fall short of expectations.

While USSD remains a dominant channel amidst existing challenges, other electronic payment methods have also seen substantial growth.

Automated Teller Machine transactions have experienced a remarkable volume, with N12.21tn transacted in the first half of 2024 for 496.44 million transactions.

Point-of-sale transactions are also significant, indicating the country’s ongoing shift towards cashless payments.
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Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.