Business activities resume nationwide after Eid-ul-Adha celebration

Business activities on Tuesday resume nationwide following a long Eid-ul-Adha holiday declared by the federal government.

The Federal Government had declared Friday, June 6, and Monday, June 9, 2025, as public holidays to mark this year’s Eid-ul-Adha celebration.

This was announced by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on behalf of the Federal Government.

It was a nationwide holiday as the Central Bank of Nigeria, Securities & Exchange Commission (SEC) and Nigerian Exchange Limited (NGX) observed the long Eid-ul-Adha holiday.

As gathered by WESTERNPOST, physical banking operations have resumed, including trading activities on the Nigerian Exchanges on Tuesday.

Most banks had urged customers to utilise digital channels of transactions as banking halls were completely shut down.

A visit to some bank branches in Sango, Ogun State, showed that banking operations have commenced. Also in Lagos State, a visit by WESTERNPOST showed that banks around Broad Street, Idumota, and CMS physical banking operations were ongoing.

A customer of a leading bank expressed to WESTERNPOST the comfort of visiting the banking hall to transact business. He lamented bad network challenges that continued to deny some customers effective utilisation of these banks’ digital channels for transactions.

The temporary closure of banks in Nigeria during the Muslim Sallah celebrations had posed significant challenges for customers without access to digital banking services.

While electronic channels are encouraged, many individuals, especially in rural areas, remain financially excluded due to factors like limited internet access, lack of mobile phones, and low digital literacy.

 For cash-dependent customers, these closures may disrupt daily transactions, including payments to traders, artisans, and other service providers who rely on physical cash. This is particularly concerning in the informal economy, where cash transactions dominate, accounting for approximately 93 per cent of all employment in Nigeria.

The absence of alternative payment methods can lead to delays in business operations, affecting income generation and economic stability for many Nigerians.

Also, the government’s push towards a cashless economy, exemplified by policies like the Cashless Nigeria initiative, aims to reduce physical cash circulation and encourage electronic transactions.

However, without adequate infrastructure and education, these policies may inadvertently marginalise those already excluded from the formal financial system. In summary, while the bank closures during the Sallah celebrations are in observance of public holidays, they highlight the ongoing challenges faced by Nigeria’s unbanked population.

Addressing these issues requires a multifaceted approach, including improved digital infrastructure, financial literacy programmes, and inclusive policies that cater to the needs of all citizens.

Fintech expert urges banks to fix digital design gaps.

 A fintech specialist, Samuel Kayode, said that Nigerian banks must re-evaluate how design impacts customer experience, especially during periods of digital overload caused by public holidays or banking disruptions. “There seems to be a disconnect between banks and customers in Nigeria, despite the level of digital penetration,” he said.

“This is a unique problem that can be solved by re-evaluating the role of design within the banking space, not just about aesthetics and vibes, but about building loyalty and trust in a brand.” He noted that frequent digital downtimes have pushed many customers to open multiple bank accounts to avoid transaction failures.

“Many banks experience downtime more often than not these days, and this has led to customers running multiple accounts to avoid transaction delays.”

Bank customers had used electronic banking services during the holiday period.

The major types of e-banking include online Internet banking, mobile banking, USSD, and Automated Teller Machines (ATMs). ATM transaction fees are as follows: withdrawals from your own bank ATMs are free, while withdrawals from other bank ATMs incur a fee. On-site ATMs (within a bank branch) charge N100 per N20,000 withdrawal, and off-site ATMs charge N100 plus a surcharge of up to N500 per N20,000 withdrawal.