The bank's Acting Director of Corporate Communications, Mr Isa AbdulMumin, described the report as completely false and malicious, adding that Emefiele has never met nor spoken to the said governorship candidate.
AbdulMumin reiterated that the CBN Governor does not take part in politics and urged anyone with contrary information to provide evidence.
"We wish to reiterate that the CBN Governor does not take part in politics, and therefore, urge politicians to allow the CBN and its management to concentrate on the statutory mandate of the bank," he said.
He also noted that the bank remains committed to its mandate of maintaining the stability of the country's financial system and supporting the economic growth and development of Nigeria.
The governorship election in Lagos State is set to take place on March 18, and tensions have been high in the run-up to the polls.
Emefiele has previously spoken about the importance of maintaining the independence of the CBN and ensuring that it remains free from political interference.
The CBN has also been at the forefront of efforts to support Nigeria's economy through the COVID-19 pandemic, including by implementing measures to support small and medium-sized businesses and providing liquidity support to the financial system.
Analysts have praised the CBN's efforts to maintain macroeconomic stability and support economic growth, and the bank has received international recognition for its efforts in these areas.