CBN Grants INEC’s Request For Cash During Elections Amidst Cash Shortage

Amidst the shortage of naira notes in the country, the Central Bank of Nigeria (CBN) has assured the Independent National Electoral Commission (INEC) that it would provide the commission with cash to pay for logistics in unbanked areas during the coming general elections.

CBN Governor, Godwin Emefiele, told INEC Chairman, Mahmood Yakubu, on Tuesday when the latter visited him, that the bank would support the commission in ensuring a credible election.

Mr Yakubu visited the CBN to demand for more cash above the recently placed withdrawal limit to pay for logistics in unbanked communities.

“There are equally critical areas such as transportation and human support services that have to be immediately remunerated either partially or in full before services are rendered. In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked,” he said.

In response, Mr Emefiele promised to provide all support needed by INEC, as it had done in the past.

He said the CBN will not allow itself to be used or seen as an agent sabotaging a positive outcome of the elections.

“The assurance I give to you is that we will make it (cash) available,” he said. “So it is nothing to worry about, and I am happy that you have come here. I will make sure that we will not fail, but we will not make ourselves –the CBN– to be seen as an agent that frustrated the positive outcome of the election.”

For over a week, shortage of the cash has put Nigerians who need it in severe hardships. This is as a result of the CBN’s attempt to mop-out old naira notes and introduce re-designed notes of N200, N500 and N1000 into the economy.

While the CBN claims it has disbursed the new banknotes to commercial banks, Nigerians who needed the cash face difficulties in withdrawing the cash for transactions.

Nigeria’s anti graft agencies including the EFCC and ICPC have announced arrests of individuals and banks personnel hoarding the cash.

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