Elections: Electronic Banking Channels To Remain Open – CBN

Ahead of tomorrow’s general election, and amidst the cash crunch in the country, some commercial banks as well as companies will be closing early today, Friday, February 24, 2023.

This is as the Central Bank of Nigeria (CBN) dispelled rumors that electronic banking transactions would not be available all through the weekend.

In email notices sent to customers, some banks said they would be closing for business by 12 noon on Friday as against 4pm which they normally close. Also, some companies had notified their customers that their physical offices will be closed to customers until after the elections.

A mail by a registrar as seen by LEADERSHIP read: “In light of the presidential elections, please be informed that from the 22nd February to 6th March 2023, our physical office will be closed. During this period, you can access around-the-clock service at your convenience, through our alternate channels.”

Meanwhile, rumors that all channels of banking would be shut down during the elections had sent Nigerians into a frenzy, a rumor which the apex bank has dispelled. The fake news which was spread via WhatsApp messages and voice notes had warned that there would be no banking activities during the period of the election as banks would shut down all their electronic channels, and advised that people stock up on food items.

This led to an increased demand for cash as well as a shopping spree in some major markets in Lagos as people scrambled to stock up on food items and groceries.

Mrs Adebayo, a teacher said he had received the voice note from a family member and a neighbour had also sent her the message via WhatsApp. “I don’t want to be stranded because I don’t know what will happen during this election.”

However, the CBN says the rumour is fake news. On its official Twitter handle, the apex bank warned Nigerians to be wary of such fake news.