… Pledges to make cash available for elections
The Central Bank of Nigeria (CBN) has alleyed fears that the current scarcity of cash will affect the coming general elections.
CBN governor, Godwin Emefiele on Tuesday assured Nigerians and the Independent National Electoral Commission (INEC).
Emefiele gave the assurance on when he hosted the INEC management led by its Chairman, Prof. Mahmood Yakubu, at the CBN headquarters in Abuja.
Yakubu explained to the CBN governor the impact the naira redesign policy to the successful conduct of the elections.
The INEC boss, therefore, requested concessions regarding the naira redesign policy with specific reference to the limitations placed on cash withdrawals and the need to make some cash available for some peculiarities that cannot be met with electronics transfer of monies.
According to him, some of the service providers, especially transporters are required to be paid in cash and that aside that, experience has shown that emergency situations do arise on election day which could demand the use of cash by the commission.
“I am encouraged by the continued willingness of the apex bank to support the commission’s determination to deliver credible elections on February 25 and March 11, 2023. Particularly, the facilitation of activities necessary for the success of the election,in an area where the CBN has exclusive responsibility.
“Nigerian election is a huge and complex undertaking that requires the engagement of critical services and in line with the provisions of the extant laws and regulations, service providers are generally paid by means of electronic transfer to the accounts.
“However, 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.
“Over the years, the commission has also migrated all its accounts at national and state level to the CBN. And this arrangement has worked without encumbrances to our activities. In view of the recent policy, involving in the redesign of some denominations of our national currency and the limits placed on cash withdrawals and availability. We consider this meeting important in addressing some of the areas of concern with just 17 days to the 2023 general election.
“We are confident that arising from this meeting, we can assuage the anxiety expressed by some of our service providers who are determined to make the 2023 general election one of the best organised elections in Nigeria, but we cannot do it alone.That is why the commission is mobilising every critical national institution for the success of the election. This meeting is part of this effort,” Yakubu said
Responding, Emefiele said that the apex bank would provide INEC needed naira notes as required.
“The relationship between the CBN dates back to even before I became the governor and that relationship, I will say borders purely on trust and confidence.
“We are happy that in the course of this relationship, we have not disappointed you and that is the reason you have called me again this time. Now, just aside from the issue of storage of election materials together with transportation of election materials from CBN locations to your own specific or designated locations.
“I know that just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured to you to import Bimodal Voter Accreditation System (BVAS) and other forms of election material that need to be imported and I gave you my word that foreign exchange will be provided for that purpose. I stand here to confirm that as at today, all dollars that is needed to import those items have been provided and those items have been imported.
“So, it’s all part of our commitment. Now this issue of pain and logistics for people who are going to be transporting election materials, certainly, the assurance I give to you is that because we regard INEC project as a topmost or an urgent national assignment, and therefore, it cannot fail and the central bank would not allow itself either to be used or to be seen as an agent that frustrated a positive outcome of that election.
“So I stand here to give you that commitment.
“I will make sure that I do not allow ourselves as central bank to be seen as an agent that frustrated positive outcome of the elections,” Emefiele said.
