Amid the shortage of naira notes in the country, the Central Bank of Nigeria (CBN) has assured the Independent National Electoral Commission (INEC) that it will provide cash commissions to pay for logistics in unbanked areas during the upcoming general elections.
The CBN Governor, Godwin Emefiele, told the INEC Chairman, Mahmood Yakubu, on Tuesday when the latter visited him, that the bank would support the commission to ensure credible elections.
Mr. Yakubu visited the CBN to plead for more money than the newly placed withdrawal limit to pay for logistics in unbanked communities.
“There are equally critical areas such as transportation and human support services that must be paid directly in part or in full before services are provided. In addition, emergency situations may require immediate cash payments. Some critical service providers do not have banks,” he said.
In response, Mr. Emefiele promised to provide all necessary support by INEC, as it has done in the past.
He said the CBN would not allow itself to be used or seen as an agent to sabotage the positive outcome of the election.
“The guarantee I gave you is that (the money) will be available,” he said. “So there is no need to worry, and I am glad that you are here. I will make sure that we will not fail, but we will not make ourselves – the CBN – appear as an agent that interferes with the positive results of the election.
For more than a week, cash shortages have hit Nigerians in dire need. This is as a result of the CBN’s efforts to phase out the old naira notes and introduce the redesigned N200, N500 and N1000 notes into the economy.
Also read: New note: Giving seven days to solve cash shortage, Buhari tells APC governors
While the CBN claims to have returned the new banknotes to commercial banks, Nigerians in need of cash are facing difficulties in withdrawing money for transactions.
Nigeria’s anti-corruption agencies including the EFCC and the ICPC have announced the arrest of individuals and bank personnel who stashed the money.
Qosim Suleiman is a journalist at Premium Times in partnership Report to the Worldwhich matches local newsrooms with emerging journalists with a talent for reporting on issues not covered around the world
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