Naira Swap: 2023 Elections Under Threat As CBN Fails To Disburse Funds To INEC, Security Agencies

• The 2023 elections are under threat following CBN’s failure to disburse funds to INEC and Security Agencies.

• This has raised serious concerns that the upcoming February 25th elections may not hold.

• The situation is complicated by the CBN’s Naira redesign policy.

EKO HOT BLOG reports that with just a week to the 2023 general elections, the Central Bank of Nigeria, CBN, is yet to release funds to Security Agencies and the Independent National Electoral Commission, INEC, for logistics.

There are concerns that the upcoming February 25th elections may not take place due to a serious cash crunch in the country caused by the Apex bank’s Naira-Swap policy.

EDITOR’S PICKS 

• BREAKING: Panic As Violence Erupts In Lagos Over Naira Scarcity

• JUST IN: Supreme Court Adjourns Lawsuit Against FG On Old Naira Notes

• Naira Swap Crisis: Again, Buhari Meets Emefiele At Aso Rock

The Chief Press secretary to the INEC Chairman, Mr Rotimi Oyekanmi, had earlier confirmed that the electoral body had already presented its cash requirement for prosecuting forthcoming elections to the CBN.

Speaking On Saturday, INEC chairman, Prof. Mahmood Yakubu, expressed confidence that the CBN will honour its cash request for the elections.

He however said that not all the operations for the conduct of the February 25 and March 11 general elections required the use of physical cash.

Yakubu allayed concerns about the current Naira scarcity on Saturday in Abuja after a tour of the training centre for INEC ad-hoc staff or presiding officers and an inspection of facilities at the national collation centre at the International Conference Centre (ICC).

He said, “We visited the CBN last week on the issue of cash for payment of some of the services, not all, some of the services that we are going to engage on election day.”

“The bulk of payment for goods and services is made through electronic transfer. But there are certain critical services that will be remunerated by cash; and that’s why we went to the CBN and it’s a small percentage of the budget”.

FURTHER READING

• Naira Redesign: El-Rufai, Yahaya Bello Storm S’Court For Proceedings In Suit Against FG

• Naira Crisis: Wike, Tambuwal, Sanwo-Olu Join Legal Battle Against Buhari, CBN

• ‘Cooked Up’ — Tinubu Reacts As Another Poll Predicts Obi’s Victory In 2023 Election

“The Central Bank has assured us that we will not suffer any encumbrances in that regard. So there are no issues with respect to that,” Yakubu said.

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