JUST IN: INEC Chairman Yakubu, Emefiele Meet Amid Naira Scarcity

JUST IN: INEC Chairman Yakubu, Emefiele Meet Amid Naira Scarcity

Professor Mahmood Yakubu, Chairman of the Independent National Electoral Commission (INEC), met with Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Tuesday.

Eleven INEC National Commissioners accompanied Yakubu.

The INEC Chairman stated in his address that the meeting was called due to the apex bank’s unique role in election administration. This meeting, however, is particularly focused on the CBN’s recent cash withdrawal policy.

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President Muhammadu Buhari unveiled the redesigned N200, N500, and N1,000 notes in November 2022, reiterating the CBN’s intention to phase out the old notes by January 31, 2023. It did, however, extend the deadline until February 10.

The INEC chief stated that the Commission is challenged by this policy because there are numerous services that the Commission must provide in cash.

According to him, the majority of the logistics services required for the elections would be provided by the unbanked, who would be paid in cash.

Yakubu also stated that he is in the meeting to discuss how best to address the situation with the CBN governor.

In his response, Emefiele stated that the CBN has long supported INEC and will continue to do so.

He assured the Commission that due to the CBN’s high regard for the elections, the CBN will make whatever funds are required available for INEC to pay for its logistics.

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