The federal government has declared Wednesday, May 27, and Thursday, May 28, 2026, as public holidays to mark the celebration of Eid-ul-Adha. Consequently, all commercial banks and other financial institutions in Nigeria will close their physical branches nationwide during this period.
Federal Government Announces Holiday
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the announcement on behalf of the federal government. He stated that the declaration reflects the government's profound respect for the faith and spiritual heritage of millions of Nigerian Muslims observing the sacred festival. The statement partly read: 'This declaration affirms the Federal Government’s profound respect for the faith and spiritual heritage of millions of Nigerian Muslims who join the global Islamic community in observing this sacred occasion.'
Eid-ul-Adha, also known as the Festival of Sacrifice, is one of the most significant events in the Islamic calendar. Muslims worldwide observe the holy festival through prayers and almsgiving. Tunji-Ojo congratulated Muslim faithful within and outside the nation, emphasizing that the festival is hinged on the principles of sacrifice, obedience to God, and kindness to all mankind. He urged all Nigerians to seize the occasion to pray fervently and reflect on the peace, security, and prosperity of the nation.
Call for National Unity
The minister reiterated the call for Nigerians to hold fast to the principle of national unity and peaceful coexistence throughout the celebration. He encouraged citizens to draw inspiration from the lessons of sacrifice, love, and support, particularly towards the less privileged. Tunji-Ojo also underscored the necessity of prayer and sacrifice for maintaining peace and stability across the nation.
Banks Promote Digital Transactions
In line with the holiday declaration, banks have instructed customers to utilize digital platforms for their transactions during the closure. A sample notice to customers read: 'We encourage you to make use of our digital channels to carry out your transactions during this period. Wishing you a safe and restful holiday.' This move aligns with the broader push towards cashless transactions and digital banking in Nigeria.
It is worth noting that the Alternative Bank (AltBank) recently unveiled plans to expand its network from over 130 branches to as many as 500 nationwide by 2026. This expansion is part of a strategy to drive financial inclusion and ethical banking in Nigeria. The non-interest banking sector, which currently accounts for only 1.7% of Nigeria's total banking assets, is expected to grow as demand for ethical financial services rises.
