We Won’t Be Used To Frustrate The Positive Outcome Of The 2023 Elections – CBN


Godwin Emefiele

Despite the scarcity of the new naira notes which has led to protests across the nation, the Central Bank of Nigeria (CBN) has assured the Independent National Electoral Commission (INEC) that it will not do anything to frustrate the success of the 2023 polls.

CBN governor, Godwin Emefiele, gave the assurance on Tuesday, February 7, during a meeting with the chairman of the Independent National Electoral Commission INEC, Prof. Mahmood Yakubu, in his office in Abuja.

At the meeting, the INEC boss had expressed fears that the impact of the naira redesign policy could affect the successful conduct of the elections. Yakubu requested concessions regarding the naira redesign policy with specific reference to the limitations placed on cash withdrawals and the need to make some cash available for some peculiarities that cannot be met with electronic transfer of monies.

According to him, some of the service providers, especially transporters are required to be paid in cash and that aside from that, experience has shown that emergency situations do arise on election day which could demand the use of cash by the commission.

Responding, Emefiele said he would ensure the CBN is not seen as an agent use to thwart the success of the forthcoming general election,

“The relationship between the CBN dates back to even before I became the governor and that relationship, I will say borders purely on trust and confidence. We also appreciate and truly do appreciate the fact the INEC supported by the Nigerian populace have the trust and confidence in the ability of the central bank in playing the roles that we have played for you so far to ensure that our elections hold without any hitches.

We are happy that in the course of this relationship, we have not disappointed you and that is the reason you have called me again this time. Now, just aside from the issue of storage of election materials together with transportation of election materials from CBN locations to your own specific or designated locations.

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I will make sure that I do not allow ourselves as central bank to be seen as an agent that frustrated positive outcome of the elections,” Emefiele said

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