Banks notify customers of early closure Friday

Deposit Money Banks (DMBs) and other financial institutions have notified customers about their early closure on Friday February 22, due to the general elections scheduled for Saturday February 23.

The Federal Government of Nigeria has declared Friday, February 22, as public holiday, in preparation for the elections. However, those providing essential duties and bankers are excluded.

Some of the financial institutions which have sent out notices on the early closure include Access Bank plc, Stanbic IBTC, and Cowry Asset Management Limited.

The banks therefore direct customers to alternative channels for any transactions during the period of closure.

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There are various electronic banking channels available to customers which include Automated Teller Machines (ATMs), Point of Sales (PoS), mobile banking, and internet banking among others.

The Central Bank of Nigeria in December 2011 introduced the cashless policy, which aims to curb some of the negative consequences associated with the high usage of physical cash in the economy, including high cost of cash, high risk of using cash, high subsidy, informal economy, inefficiency and corruption.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.