Amid the scarcity of naira which has ravaged the country in the last few days, the Chairman, Independent National Electoral Commission (INEC), Professor Mahmood Yakubu on Tuesday met with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The meeting was attended by 11 INEC National Commissioners.
According to Yakubu, the meeting became necessary due to CBN’s unique role in the conduct of elections.
He also disclosed that the meeting is particularly focused on the recent cash withdrawal policy of the CBN.
Recall that IPresident Muhammadu Buhari unveiled the redesigned N200, N500, N1,000 in November, 2022, 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.
Yakubu revealed that the Commission is challenged by this policy as there exist lots of services the Commission must render with cash.
“Most of the logistics services that would be needed in the elections would be rendered by the unbanked, and relying on cash payment, he said.
Yakubu further said that he is in the meeting to discuss with the CBN governor about how best to address the situation.
While responding to the issues raised, Emefiele reiterated the CBN’s longstanding support for INEC, adding that it will continue to do so adding that due to the premium the CBN placed on the elections, the CBN will make whatever is needed available for INEC to pay for its logistics.