INEC Chairman, CBN Gov Meet Amid Naira Scarcity

In his address, the INEC boss noted that the meeting was because of the apex bank's unique role in the conduct of elections.

INEC Chairman Prof Mahmood Yakubu and CBN Governor Godwin Emefiele on Tuesday, February 7, 2023. Credit: Friday Okeregbe/Channels TV


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

Yakubu was accompanied by 11 INEC National Commissioners.

In his address, the INEC Chairman noted that the meeting was because of the apex bank’s unique role in the conduct of elections. However, this meeting is particularly focused on the recent cash withdrawal policy of the CBN.

In November 2022, President Muhammadu Buhari unveiled the redesigned N200, N500, N1,000, restating the CBN’s plans to end the circulation of the old notes by January 31, 2023. It however extended the deadline to February 10.

READ ALSO: Buhari Meets Emefiele, Tambuwal, Bagudu Over Naira Scarcity

The INEC boss said the Commission is challenged by this policy as there exist lots of services the Commission must render with cash.

According to him, 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 about how best to address the situation.

In his response, Emefiele reiterated the CBN’s longstanding support for INEC, adding that it will continue to do so.

He assured the Commission 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.