Banks Will Not Close For Elections, According To ACAMB

The Association of Corporate Affairs Managers of Banks (ACAMB) has denied social media allegations that the Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to close for five days ahead of the Presidential and National Assembly elections on February 25, 2023.

In a statement issued on Wednesday, Rasheed Bolarinwa, President of ACAMB, stated that banks will continue to operate during the election period.

“The attention of 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 been drawn to the trending social media message purporting that the Central Bank of 

“Because of the general elections taking place in Nigeria over the next two weekends, the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, February 23rd, to Monday, February 27th, 2023,” the statement reads.

“ACAMB hereby wishes to debunk the fake news in its entirety and wishes to assure Nigerians and the banking public that there is no iota of truth in the viral message that is being circulated.

To now, no Deposit Money Banks (DMBs) or other financial institutions have received any direction or message from the CBN ordering them to close their physical banking halls or close their digital platforms and online banking channels against their customers due to elections.

“ACAMB further wishes to assure customers that their respective banks have put in place measures to ensure that depositors can as usual, access money in their accounts during this period.

“Also, 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.

“ACAMB urges Nigerians not to panic and to also avoid uncontrolled spending as a result of the fake news about the alleged plan to shut down bank branches and all digital banking channels. Members of the public should discountenance the trending message maliciously concocted by its faceless authors to cause disaffection among the citizenry and the DMBs.

“ACAMB calls on Nigerians to be peaceful and orderly during the elections and wishes the nation successful conduct of free, fair, and credible elections.”


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