how is universal banking system operted/

What is the impact of universal banking on nigeria economy

Yes, Universal banking is commercial banking itself. However, Universal bank does more than a commercial bank. Universal Bank are what we call the "expanded commercial bank" (EK). Commercial banks are limited to allied banking only whereas a universal bank does allied and non-allied banking transactions.

Acitivity of a bank, besides conducting core banking activities, also undertakes marketing other financial instruments issued by other entities, then such banking activity is known as universal banking.

One of the disadvantages of universal banking is the offering of a large number of products that follow different sets rules and regulations. Since this is done by large banks, it may affect the banking system when it fails. Universal banking may also lead to monopoly and harm the economy of a country.