Naira scarcity may disrupt forthcoming elections – INEC

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The Chairman of the Independent National Electoral Commission, INEC, Prof Mahmood Yakubu has warned that new naira notes scarcity may scuttle this month’s general elections.

The INEC boss gave the warning at a meeting with the Central Bank Governor, Godwin Emefiele at the CBN headquarters, in Abuja, on Tuesday.

While explaining that many service providers to INEC had no bank accounts, Mr. Yakubu noted the importance of having sufficient cash available.

He, therefore, solicited the support of the apex bank to address the concerns related to the CBN cash withdrawal policy which had caused chaos across the country.

The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.

It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.

But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.

But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.

“It is not just about cash and you have done electric and electronic payments before and if in this case after making your electronic payments, you require some money to pay transporters, in this case, cash,” he said.

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