Business
FCCPC files charges against MultiChoice over price hike
The Federal Competition and Consumer Protection Commission has filed charges against MultiChoice Nigeria Limited and its Chief Executive Officer, John Ugbe, for defying regulatory directives to suspend a subscription price hike.
FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, disclosed this in a statement on Wednesday.
On February 27, the FCCPC directed MultiChoice to suspend its planned price increase for DStv and GOtv services pending the conclusion of an investigation into the hike.
However, the company went ahead with the price adjustments on March 1, disregarding the directive.
The regulator said the charges, filed at the Federal High Court in Lagos, were based on three counts: obstructing the Commission’s inquiry, failing to comply with directives, and attempting to mislead the regulatory body.
Part of the statement reads, “Following the blatant disregard for regulatory oversight, the FCCPC has filed charges against MultiChoice Nigeria and John Ugbe at the Federal High Court, Lagos Judicial Division, on three counts of offences under the FCCPA 2018.
“Specifically for willfully obstructing the Commission’s inquiry by implementing a price hike contrary to directives (Section 33(4)), impeding the ongoing investigation by ignoring instructions to suspend the hike (Section 110), and attempting to mislead the Commission by proceeding with the increase without objection (Section 159(2), punishable under Section 159(4)(a) and (b)).”
The Commission described MultiChoice’s actions as a deliberate attempt to undermine regulatory authority, disrupt market fairness, and deny Nigerian consumers the protection guaranteed under the law.
“By disregarding the FCCPC’s directive and implementing the price hike before appearing before the Commission’s investigative hearing on March 6, 2025, MultiChoice has not only flouted regulatory processes but also demonstrated a pattern of conduct that undermines consumer rights and fair competition,” the statement added.
In addition to the legal action, the FCCPC said it is considering further enforcement measures, including sanctions and regulatory interventions, to ensure compliance and accountability.
MultiChoice had earlier informed customers of the impending price review, set to take effect on March 1, 2025, attributing the adjustment to rising costs of delivering premium content.
According to the notice titled “Price Adjustments for DStv and GOtv Packages,” the company said, “Dear Customer, please note that effective March 1, 2025, there will be a price adjustment on all DStv packages.
This is to enable us to continue offering our customers world-class homegrown and international content, delivered through the best technology.
”While the Compact Plus and Premium bouquets will remain at N30,000 and N44,500, respectively, the DStv Compact package is among the subscriptions expected to be affected by the price increase.
Business
CBN Urges Public, Businesses Not To Reject N100 Bank Note
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.
The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 575 Sell ₦1,595
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,379.07
GREAT BRITISH POUND (GBP) ₦1,840.64
EURO (EUR) ₦1,572.00
SWISS FRANC (CHF) ₦1,704.45
JAPANESE YEN (JPN) ₦8. 48
CHINESE YUAN (CNY) ₦202.76
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 53
SAUDI RIYAL (SAR) ₦367.24
SOUTH AFRICAN RAND (ZAR) ₦84. 08
The Nigerian naira continued its recent slide against the US dollar, hitting N1,405 per dollar in the parallel (black) market amid ongoing demand pressures and supply constraints in the foreign exchange market.
According to traders and market sources, the local currency weakened from around N1,400–N1,410 levels in recent sessions, reflecting persistent challenges in the forex ecosystem. In contrast, the official Nigerian Foreign Exchange Market (NFEM) rate, managed by the Central Bank of Nigeria (CBN), stood firmer at approximately N1,368–N1,370 per dollar.
This development widens the gap between the official and parallel markets, raising concerns among analysts about liquidity, speculative activities, and the impact on importers and businesses reliant on dollar transactions.
The depreciation comes as Nigeria grapples with balancing foreign exchange inflows, including remittances and oil revenues, against high demand for imports, debt servicing, and other obligations. Market watchers attribute the pressure partly to seasonal factors and limited dollar availability at official windows, pushing more transactions toward the parallel market.
The CBN has been intervening through various measures to stabilize the naira, including boosting liquidity and tightening monetary policy. However, the parallel market remains sensitive to real-time supply and demand dynamics.
Economists warn that sustained volatility could fuel inflation and affect consumer prices, particularly for imported goods. Stakeholders are calling for stronger policy coordination to narrow the official-parallel rate disparity and restore greater confidence in the forex regime.
Further updates will depend on upcoming CBN interventions and inflows in the days ahead.
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