Election: Inter-banking transfer of funds may be suspended

As everything heats up to the Saturday's general election when Nigerians decide who leads them for the next four years, rumours have started flying around concerning possible actions to make the election as fair as possible.

Among the rumours was that, the country may face difficulty in the inter bank transfer of fund via the mobile app and the banking USSD on Friday and Saturday - the day of election.

This has not been announced officially, but some officials in banking sector have warned of this possibility as means to combat the vote buying menace during the exercise.

Nigerians are thereby implored to get ready for all possibilities as regards the difficulties of financial service during the election period.

In October, the CBN through the consultation with the federal government announced that the country's ₦1000, ₦500 and ₦200 notes would cease to be legal tender on 31th of January, 2023.

This was announced in a bid to counter terrorism, banditry and especially to prevent vote buying by the political elites.

However, with the hardship faced by Nigerians due to the scarcity of the new Naira notes, the deadline was extended to the 10th of February 2023.

While the ₦1000 and ₦500 cease to be legal tender on 10th of February, the the deadline for ₦200 note was extended to April.

As the possibilities of vote buying feasible through the transfer of fund in the absence of cash, the government may also prevent this through the disruption of the self-service on Saturday, if not starting from Friday.