JUST IN: CBN denies Plan To Shut down Financial Transaction Because of 2023 Presidential Election

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The Central Bank of Nigeria (CBN) has denied rumors of plans to suspend financial transactions from the 23rd to the 27th February 2023 because the presidential election on Saturday.

A WhatsApp message announcing that the apex bank will close all electronic banking from Thursday to Monday to avoid the vote buying went viral earlier today.

Titled, “Special report” the message read, “CBN PLANS TO SHUT DOWN FINANCIAL TRANSACTION FROM THURSDAY 23 OF FEBUARY TILL 27TH OF FEBUARY..GO AND STOCK YOUR HOME….It said, “Anyhow you can get money between today and tomorrow, get and keep it, also whatever transfer you want to do, do it between today and tomorrow. Information I’m hearing is that, as of Thursday, bank networks will go off till Sunday or Monday, so that politicians will not be able to transfer money to anybody for vote. So buy enough food at home, do your transfer now because the next five days will be difficult please.”

Sharing a copy of the said message through its verified Twitter page on Wednesday, CBN said the report was false and urged the public to “beware of fake news”.

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Rumors came amid Naira’s restructuring policy and currency swaps, causing cash shortages in several parts of the country.

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Over the past two weeks, the devastating impact of the policy has resulted in protest, riots and burning of banks in several cities.

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