Naira and Election: Emefiele Reigns Supreme As INEC Keeps Sensitive Materials With CBN

Naira and Election: Emefiele Reigns Supreme As INEC Keeps Sensitive Materials With CBN

  • 2023 general elections materials have been dispatched to offices of the Central Bank of Nigeria nationwide
  • The INEC as usual decided to make use of the CBN offices despite the partisanship level of Godwin Emefiele who wanted to contest the presidency
  • With this development, the apex court's boss who is currently insisting on a new naira policy is now one of the most powerful persons in Nigeria

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Despite fears from some quarters in Nigeria, the Independent National Electoral Commission (INEC) says sensitive materials for the 2023 general elections will be in the custody of the Central Bank of Nigeria (CBN).

Recall that Emefiele, the CBN governor attempted to contest the All Progressives Congress (APC) presidential primaries. This raised questions from Nigerians who were shocked that the apex bank's boss, despite holding such a sensitive position, could dabble into politics.

Emefiele's CBN to keep election materials
Election materials will be kept with the CBN. Photo credit: Godwin Emefiele
Source: UGC

As a result, many Nigerians called for his resignation or sack. However, none of this took place.

INEC initially said that election materials would not be in the custody of the apex bank this time around.

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But the national commissioner and chairman, Information and Voter Education Committee, INEC, Festus Okoye, said CBN will be the custodian of election materials as it has always done over the years, Punch Newspaper reports.

This and the current naira policy of the CBN is an indication that Godwin Emefiele reigns supreme in Nigeria as of today.

Cash Scarcity: Banks flout CBN directives, set withdrawal below approved limit

The cash crunch in Nigeria has forced some banks to readjust their operating hours and the approved withdrawal limits set by the Central Bank of Nigeria.

Other banks have reduced the amount dispensed via their ATMs below CBN-approved limits and over-the-counter withdrawals to N5,000.

In December 2022, the Central Bank governor, Godwin Emefiele, stated that the banks have sufficient new naira notes.

Buhari meets Emefiele

Meanwhile, at the Presidential Villa in Abuja, President Muhammadu Buhari is meeting with the Governor of the Central Bank of Nigeria, Godwin Emefiele.

The meeting's agenda has not yet been made public. However, it is assumed that the main topic of discussion would be the plans for the Supreme Court case on Wednesday, February 15, 2023.


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