The Chairman of the Independent National Electoral Commission, Mahmood Yakubu has emerged from Tuesday’s meeting with the Central Bank Governor, Godwin Emefiele in Abuja with a warning that scarcities in the new naira notes may disrupt the general elections.
The Punch reports on Wednesday that with about 16 days to the general election, there are strong indications that the new naira notes scarcity may disrupt the exercise.
INEC Chairman Yakubu explained that many service providers to INEC had no bank accounts and therefore solicited the support of the apex bank to address the concern related to the CBN cash withdrawal policy which had caused chaos across the country.
The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.
It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.
But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.
The CBN governor assured Nigerians that cash would be made available for payment of the service providers and added that the apex bank would not allow itself to be used to frustrate the efforts of the electoral body.
Emefiele promised that the apex bank would do everything possible to support the 2023 election, stressing that it has never failed Nigerians.
Tens of millions of Nigerians head to the polls to elect a new president and senators on February 25th 2023.
GIK/APA