News

February 7, 2023

BREAKING: Naira Scarcity: We won’t be used to derail general election, CBN assures INEC

CBN

.Promises to make cash available to electoral umpire

By Omeiza Ajayi, Abuja

The Central Bank of Nigeria CBN has said it would not allow itself to be seen as derailing the forthcoming general election, promising to do all within its mandate to assist the Independent National Electoral Commission INEC to deliver free, fair, credible, and inclusive polls.

According to the apex bank, it would bend backward to make available, the necessary cash that INEC would need to pay for certain peculiar services.

CBN governor, Mr. Godwin Emefiele made the pledge on Tuesday in Abuja when he played host to the INEC Chairman, Prof. Mahmood Yakubu.

Yakubu had embarked on an emergency trip to the apex bank to request concessions regarding the Naira Redesign policy with specific reference to the limitations placed on cash withdrawals.

He said some of the service providers are required to be paid in cash and that aside from that, experience has shown that emergency situations do arise on election day which could demand the use of cash by the commission.