Naira Scarcity: INEC Cries Out, Reveals How CBN Policy Poses Threat to 2023 Elections

Naira Scarcity: INEC Cries Out, Reveals How CBN Policy Poses Threat to 2023 Elections

  • The chairman of INEC, Professor Mahmoud Yakubu, has disclosed that the new CBN policy on cash withdrawal limit will affect the 2023 election logistics
  • The INEC chairman and 11 national commissioners held a meeting with Godwin Emefiele, the CBN governor, where Yakubu said most people INEC will deal with during the elections are unbanked.
  • On his part, Emefiele reiterated the position of the apex bank to continue to support the election umpire for a successful election

FCT, Abuja - Professor Mahmood Yakubu, the chairman of the Independent National Electoral Commission (INEC), held a meeting with the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Tuesday, February 7

The INEC boss was accompanied by 11 national commissioners of the electoral body, Channels Television reported.

Godwin Emefiele/Mahmoud Yakubu/CBN/INEC/2023 Election/naira scarcity/naira redesign
INEC reveals how naira scarcity will affect the 2023 election Photo Credit: INEC Nigeria
Source: UGC

How naira scarcity will affect the 2023 elections

Yakubu said the meeting was to discuss the current cash withdrawal policy of the apex bank, as the CBN played a critical role in conducting free and fair elections.

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Recall that the CBN boss unveiled the redesigned N200, N500 and N1000 and said the circulation of the old notes would end by January 31, 2023. However, the deadline was extended to February 10.

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According to Yakubu, the policy poses a significant challenge to INEC as there are many services the commission must render with cash.

He stressed that most logistics services that would be provided in the elections would be provided by the unbanked, who solely rely on cash.

The chairman of the electoral body said he had come for the meeting with the CBN governor to discuss how the crisis can best be addressed.

On his part, Emefiele expressed the commitment of the CBN to support INEC and said the apex bank would not be used to scuttle the electoral process.

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Council of State Reveals Position on Naira Redesign Policy, Tells CBN Gov Emefiele What to Do

Naira Scarcity: Buhari meets Emefiele, EFCC Chairman, top PDP governor, photos, details emerge earlier reported that President Muhammadu Buhari has entered into a discussion with the relevant stakeholders over the unending naira and fuel scarcity across the country.

Some of the stakeholders present at the meeting included the chairman of the NGF and Sokoto state governor, Aminu Tambuwa and the CBN governor, Godwin Emefiele.

Also at the meeting was the chairman of the progressives governors forum, Atiku Bagudu, chairman of the EFCC, Abdulrasheed Bawa and many others.


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