Elections: No plans to shut down bank transactions, CBN insists

Oluwanifemi Ojo
Oluwanifemi Ojo
Central Bank of Nigeria

The Central Bank of Nigeria has debunked rumours spreading that it plans to shut down bank transactions from February 23 to February 27, 2023 because of the forth coming election.

This fake new was confirmed on the verified Instagram account of the apex bank on Wednesday where it advised Nigerians to be “wary of fake news”.

The apex bank made a second announcement on Thursday debunking the WhatsApp message on its verified Twitter page.

While it attached the snippet of the viral WhatsApp message, the CBN tweeted, ” PLEASE BE WARY OF FAKE NEWS!”

In the course of the week, a WhatsApp message was flying, stating that the CBN will stop online transaction from Thursday to Monday to prevent the buying of vote during this election period.

The message which was titled ‘Special Information’ partly reads, “CBN PLANS TO SHUT DOWN FINANCIAL TRANSACTION FROM THURSDAY 23 OF FEBUARY TILL 27TH OF FEBUARY..


It further enforced that people should by all means find ways to get money and keep while emphasising the use of bank transfer before Thursday.

According to the message, “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.”

Since the Naira crunch, rumours have been spreading particularly false statements claimed to have been made by Federal Government, the CBN and the First Lady, Aisha Buhari.

Recall that It was rumoured that the Central Bank of Nigeria had instructed commercial banks to begin collecting the old N1000 and N500 notes that was declared not to be longer tenders beginning February 10.

The CBN however announced that it was a fake news. It then established that the broadcasted order of the President, Major General. Muhammadu Buhari (redt) about retaining N200 naira notes as legal tenders till April 10 while the old N1000 and N500 notes cease to be legal tenders.

AmBusiness also reported that the First Lady, Aisha Buhari debunked the fake news posted on her Instagram account stating her husband, President Buhari ordered the CBN to begin the reissuing and recirculation of the old N1000, N500 and N200 naira note.

The past weeks have been Rollercoaster for Nigerians owing to the CBN’s naira redesign policy. There have been hardship owing to the scarcity of naira. Nigerians, however, hopes for relief after the forthcoming election.

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