Business

Customers Fault First Bank Over Frequent Debits

Published

8 months ago

September 30, 2024

Some customers of First Bank Plc have taken to social media to drag the bank over what they described as unnecessary debits from the money-keeping giant.

In several reactions on their Facebook page, @First Bank of Nigeria Limited on Sunday, the customers expressed their frustration over uncountable debits from the bank in the last two weeks.

One of the customers, Udoh Blessing, who reacted to the bank’s latest post on how to access quick loans wrote, “I’ve been noticing debit alerts this day saying it’s for QS with some digit including my phone number/MTN: USSD Something Something. What’s that for please cos I didn’t recharge via the line and keep receiving debit alerts of #200, 139, 34, 100 and so on. It’s getting out of hand o please”

Another customer, Esther Maurice who narrated her frustration commented “Please oh First Bank of Nigeria, what is t

he Meaning of MTN: USSD and so on Debit.? Cause I’m going crazy here. I’ve been debited more than 10 times this month, what is it all about? It’s becoming unbearable oh. Is it now bank that we will be suffering in this country.?”

“Please first bank of Nigeria what is going on? I keep getting debits regularly what is going on I can’t keep money in my account and have the rest of my mind. Someone sent me 1,500 only for me to come back the next day and my balance is remaining 900 out of the money sent. Is not fair, you people should look into it” Irreplaceable Gichi commented.

On his part, Stephen Ochoche wrote “First Bank of Nigeria Limited I was debited 4 times within two weeks without making transactions. This issue is becoming worse and it seems our funds are no longer safe”

“This day I am receiving a reasonable debit alert from you. I need more clarity please” Ali Muhammad requested.

However, the bank while responding to each of the comments that lamented over the frequent debit urged their customers to check their Direct message (DM) for the bank’s response.

The PUNCH correspondent who monitored the conversation gathered that the financial giant replied to their customers within two minutes of complaining on their page with a message which reads, “Hi (name of customer), thank you for contacting us and we empathise with you on the issue raised.

“Please provide your account number, amount, and date to enable us to query and advise as appropriate. We regret any inconvenience this may have caused you while reiterating our commitment to serve you better.

“For urgent assistance, log dispense error via https://complaints.firstbanknigeria.com or call FirstContact on 0700FIRSTCONTACT, +234 708 062 5000 or +234 2 01448 5500 to use our IVR self-service options to block your card or account, log dispense errors or track status of existing complaints.”

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.