See why Access, GTBank, UBA, Zenith, others to shut branches for 24 hours

• Commercial banks and other financial institutions will be closing their branches across the country on Monday
• The closure is to comply with the public holiday announced by the federal government to mark Eid-ul-Mawlid
• Bank customers are expected to use electronic channels, including ATMs, USSD, and others, to carry out their transactions

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian commercial banks, including Zenith Bank, United Bank for Africa, Access Bank and other financial institutions nationwide, will be closed on Monday, 16th September, 2024.

This is in observance of this year’s (2024) Eid-ul-Mawlid, a special day for Islamic faithful in the country.

Nigerian banks to close branches nationwide due to public holiday Photo credit: Bloomberg/contributor
Source: Getty Images

Bank workers to observe public holiday

In a message shared on X and signed by the Magdalene Ajani the permanent secretary of minister of Interior on behalf of the federal government said the public holiday is to mark the celebration of the Eid-ul-Mawlid, the birth of Prophet Muhammad.

The statement noted that Dr. Tunji-Ojo urged the Muslim Ummah and, by extension, Nigerians, to imbibe the spirit of patience, sacrifice, and resilience.

The message reads:

"The Federal Government has declared Monday, 16th September, 2024 as Public Holiday to mark the celebration of the Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad (Peace Be Upon Him)."The Minister of Interior, Dr. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, congratulated Muslim Ummah both at home and in the Diaspora on this occasion."Dr. Tunji-Ojo urged the Muslim Ummah and, by extension, Nigerians, to imbibe the spirit of patience, sacrifice, and resilience.While congratulating the Muslim Ummah on the occasion, the Minister implored them to use the opportunity of the period to pray for enduring peace and a more prosperous egalitarian nation."

Bank customers alternatives

Nigerian banks have sent out messages via email and social media platforms to announce the closure of branches nationwide.

They advised customers who were expected to make transactions using electronic banking services.

The major types of E-banking are online Internet banking, mobile banking, USSD, and Automated Teller Machines (ATM).

PoS operators announce new withdrawal charges

Earlier, Legit.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.

Check showed that the PoS operators, which served as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.

The situation is worse in some states, especially in Lagos, where most ATMs are dry, or customers form long queues to withdraw.

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Source: Legit.ng