2023 elections

February 7, 2023

INEC Chairman Yakubu meets Emefiele amid cash scarcity

The Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmood Yakubu, has met with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele amid the ongoing cash scarcity.

Yakubu met Emefiele on Tuesday, accompanied by 11 INEC National Commissioners.

In his address, the INEC Chairman informed that the meeting was convened as a result of the apex bank’s unique role in the conduct of elections. 

The meeting was also expected to address the recent cash withdrawal policy of the CBN.

Recall that, in November 2022, President Muhammadu Buhari unveiled the redesigned N200, N500, N1,000, restating the CBN’s plans to end the circulation of the old notes by January 31, 2023. It however extended the deadline to February 10.

The INEC boss said INEC is challenged by this policy as there exist lots of services the Commission must render with cash.

According to Yakubu, most of the logistics services that would be needed in the elections would be rendered by the unbanked, and relying on cash payment.

He added that he is in the meeting to discuss how best to address the situation with the CBN governor.

Speaking on the development, Emefiele reiterated the CBN’s longstanding support for INEC, adding that it will continue to do so.

Emefiele assured the Commission that the CBN will make whatever is needed available for INEC to pay for its logistics, saying the CBN placed a premium on the elections.