Thursday, March 23

First Bank Reduces Banking Hours As Diesel Costs Soar

By Imma Onyeajuwa (Umunna TV) 

The increase in cost of diesel, collapsed national grid and other operating challenges may have influenced banking giant, First Bank of Nigeria to announce reduction in operation hours at most of its branches nationwide.

In a statement made available on its official website on April 10, 2022, the bank said that the new development will take effect from Monday April 11.

“We have revised our banking hours across all our locations. The revised opening and closing hours will be effective from Monday, 11 April 2022.”

The bank said that while some of its branches will maintain the status quo, other branches will function between the hours of 8:00 am and 3:00 pm., 8:00 am and 2:00 pm, 8:00 am and 1:00 pm and 10:00 am and 3:00 pm accordingly.

Many organisations, including other banks, radio and TV stations, factories etc, that rely on diesel for their operations may also toe the same line. In March, the pump price of diesel hit a record high of N800 per litre, with the new price showing a significant increase from N225 per litre sold in January 2021.

Mostly used by large and medium sized businesses to run their daily operations, the price of diesel, which is largely unregulated, has surged by over 113% in the last 14 months.

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