Independent National Electoral Commission (INEC) has presented its cash requirements for the forthcoming elections to the Central Bank of Nigeria (CBN). The Chief Press Secretary to the INEC Chairman, Mr. Rotimi Oyekanmi, explained that although most of the commission’s payments are made through online transfers, some specific services require cash payments.
It is crucial for the INEC to have the necessary funds to conduct credible and successful elections. As such, the commission is taking a proactive step by presenting its cash requirements to the CBN to ensure that it has the necessary resources to carry out its mandate effectively. The INEC Chairman, Prof. Mahmood Yakubu, recently visited the CBN Governor, Godwin Emefiele, to seek the apex bank’s support for a hitch-free election, particularly with the new naira policy that has led to a scarcity of new notes and placed restrictions on cash withdrawal.
The INEC’s demand for cash comes at a time when the CBN is implementing several monetary policies to address the economic challenges facing the country. The CBN has introduced various measures, including the restriction of cash withdrawals, to curb the excess liquidity in the system and prevent money laundering and other financial crimes. This move has resulted in a scarcity of new notes, making it difficult for the INEC and other organisations to carry out their operations effectively.
While the INEC conducts most of its payments through online transfers, some specific services require cash payments. For instance, the commission may need to pay cash for the transportation of electoral materials or to hire temporary staff for the elections. Therefore, the INEC’s demand for cash is reasonable and understandable, given the nature of its operations.
It is now up to the CBN to respond positively to the INEC’s request and provide the required funds in a timely manner. The success of the forthcoming elections largely depends on INEC’s ability to access the necessary resources, including cash. As such, it is crucial that the CBN provide the INEC with the required funds to ensure that the commission carries out its mandate effectively and efficiently. The INEC has expressed hope that its demand for cash will be met with a positive response from the CBN, and it is now waiting for the apex bank’s feedback.
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