CBN, Banks Association Deny Plans to Halt Financial Transactions During Election

The Association of Corporate Affairs Managers of Banks, a group representing Corporate and Marketing Communications Professionals in Nigeria’s banking sector, has debunked the message claiming that the Central Bank of Nigeria is shutting down banking services for five days for the Saturday’s presidential election.

CBN also debunked the rumor stating it as fake news and implored the public to be cautious of such.

Specifically, the reports claimed that banks would shut down between February 23rd and 27th.

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In a statement issued by the ACAMB on Wednesday, and signed by President, ACAMB, Rasheed Bolarinwa, the body described the report as fake news.

The statement read in part, “There is no iota of truth in the viral message that is being circulated. Up until this moment, no Deposit Money Banks or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.”

ACAMB assured customers that banks had put adequate measures in place to ensure depositors continue 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.”