The governor of the Central Bank of Nigeria, Godwin Emefiele has said that the apex bank will support the Independent National Electoral Commission (INEC) with the required cash to pay some of its service providers in the forthcoming elections.
Emefiele gave the assurance on Tuesday during a meeting with Mahmood Yakubu, chairperson of the INEC at the CBN headquarters in Abuja.
This comes as Nigerians grapple with current naira scarcity following CBN’s high value naira redesign policy and cash withdrawal limits
During the meeting, Yakubu noted that although the commission generally pays its service providers electronically, some critical areas like transportation and emergency situations will require cash payment.
He said that INEC is “confident that arising from this meeting, we can assuage the anxiety expressed by some of our service providers.”
“We’re determined to make the 2023 general election one of the best organised elections in Nigeria but we cannot do it alone,” he added.
In his response, Emefiele said the apex bank is committed to supporting INEC.
“Just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured for you to import other forms of election materials that needed to be imported,” he said.
“And I gave you my word that foreign exchange will be provided for that purpose. I sit here to confirm that as at today, not one dollar is owed. All dollars needed to procure those materials have been provided.
“Now, this issue of paying logistics for people who are going to be transporting election materials to wards, certainly I give it to you that because we regard the INEC project as an urgent national assignment, it cannot fail.
“Because we regard the INEC project as the topmost or an urgent National assignment, it cannot fail and the CBN would not allow itself either to be used or seen as an agent that frustrated a positive outcome of that election,” said Emefiele.
“We are committed to support INEC in the area of electronic means of payment and cash to pay some service providers during the 2023 election.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
