CBN reacts to Plan To Shut Down Electronic Financial Transactions

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The Central Bank of Nigeria (CBN) has debunked rumours about the planned shutdown of electronic banking channels for the general elections.






The rumours which surfaced on WhatsApp in a message tagged Special Report, claiming that CBN planned to halt all electronic banking transactions from Thursday to Monday to prevent vote-buying during the elections.



The message advised individuals to stock up on supplies and withdraw cash. It also claimed that the CBN planned to halt financial transactions from February 23rd to 27th, and banks’ networks would be shut down to prevent politicians from transferring money to voters.









The message further urged people to do any necessary transfers or withdrawals before the alleged shutdown and prepare for difficult times.



CBN described the report as false and urged Nigerians to disregard it.

In a similar message to CBN, the Association of Corporate Affairs Managers of Banks(ACAMB), the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector, has debunked the fake message. In a statement issued by the ACAMB on Wednesday and signed by its president, Rasheed Bolarinwa, the body described the report as fake news.



“There isn’t a single truth in the viral message that’s going around. To yet, no Deposit Money Banks or other financial institutions have received any direction or message from the CBN to shutt the doors of their physical banking halls or close their digital platforms and online banking channels against their customers due to elections.”

ACAMB assured customers that banks have put adequate measures in place to ensure depositors continued to access money in their accounts during this period. It added: “Customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections.”


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