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Naira Scarcity: INEC Chairman Yakubu, Emefiele Meet


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

Naija News learnt that the INEC Chairman was accompanied by 11 INEC National Commissioners.

Yakubu in his statement said the meeting with the apex bank was held because of the unique role of CBN in the conduct of elections.

The meeting on Tuesday focused particularly on the recent cash withdrawal policy of the CBN.

President Muhammadu Buhari in November 2022, unveiled the redesigned N200, N500 and N1,000 and stated that the swapping of the old notes should end on January 31, 2023. It was, however, extended to February 10.

Yakubu on Tuesday said the commission is affected by this policy as there exist lots of services the Commission must render with cash.

The INEC Chairman further stated that most of the logistics services that would be needed in the elections would be rendered by the unbanked, and relying on cash payment.

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

The CBN Governor, Emefiele in response restated the CBN’s longstanding support for INEC, adding that it will continue to do so.

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He assured INEC that because of the premium the CBN placed on the elections, the CBN will make whatever is needed available for INEC to pay for its logistics.