2023: INEC Meets CBN Over Naira Redesign, Withdrawal Limit

The Independent National Electoral Commission, INEC, has met with the Central Bank of Nigeria, CBN, over, among other things, the naira note redesign and withdrawal limit.

Chairman of INEC, Prof. Mahmood Yakubu, said the Commission is encouraged by the continuing willingness of the apex bank to support its determination to deliver credible elections on 25th February 2023 and 11th March 2023

The INEC boss noted that election in the country is a huge and complex undertaking and requires the engagement of critical services.

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“However, there are equally critical areas such as transportation and human support services that have to be immediately remunerated either partially or in full before services are rendered,” Yakubu said.

He added: “In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked.

“Over the years, we have worked with the CBN and commercial banks to pay for such services seamlessly during general elections as well as off-cycle and bye-elections.

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“Over the years, the Commission has also migrated all its accounts at national and state levels to the CBN and this arrangement has worked without encumbrances to our activities.

“In view of the recent policy involving the redesign of some denominations of our national currency, and the limits placed on cash withdrawals, we consider this meeting important in addressing some of the areas of concern with just 17 days to the 2023 General Election.

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“We are determined to make the 2023 General Election one of the best-organised elections in Nigeria but we cannot do it alone.”