FirstBank, GTB, others reduce operating hours as power supply worsens, diesel prices skyrockets

Some deposit money banks (DMBs) have taken measures to reduce operational costs over the rising prices of diesel and epileptic power supply in recent times. 

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First Bank of Nigeria has revised operating hours for its branches, owing to the increase in the cost of diesel.

According to a publication on the website of the tier 1 bank, some branches are to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm.

“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 stated in the publication.

Rising energy cost, particularly diesel, has affected all the sectors of the economy, forcing many organisations to stagger operating hours in a bid to manage cost.

In some areas, the pump price of diesel per litre has risen to as high as N800 from the N225/litre in January 2021.

Nigeria is also battling with epileptic power supply as a result of incessant national grid collapse.

Due to increase in d cost of diesel, First Bank adjust Banking hour for Branches.

Branches to operate from 8am to 1pm based on their locations, others 8am to 2pm, 8am to 3pm and 8am to 4pm.

See message below;

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

Click here (https://www.firstbanknigeria.com/list-of-branches-with-revised-operating-hours-2) to view the list of branches with their opening and closing hours.

Our alternative and digital channels are available and accessible 24/7 anywhere and anytime to meet your banking needs.

irst Bank of Nigeria has reduced operation hours at most of  its branches nationwide as the country’s economic condition continues to worsen.

In a statement made available on its official website on Sunday, the bank announced that the new development will take 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.

The bank further disclosed that while some of its  branches will maintain the status quo, other branches will function between the hours of 8:00 am to 3:00 p.m., 8:00 am to 2:00 p.m., 8:00 am to 1:00 p.m. and 10:00 a.m. to 3:00 p.m accordingly.

Despite not stating the reason for the action, it is believed the bank took the decision to cushion the effect of the increasing cost of diesel with which it powers many of its branches.

The development also comes in the wake of the incessant national grid collapse that has over time left the country in darkness forcing organisations to heavily rely on diesel for their operations.

In March, Peoples Gazette reported that the pump price of diesel hit a record high of N800 per litre, with the new price showing a significant increase from the 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.

Recall that Guaranty Trust Bank in March  reduced its operation closing hour from 5:00 p.m. to 4:00 p.m. over the incessant increase in pump price of diesel.

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