Godwin Emefiele, Governor of the Central Bank of Nigeria CBN has declared the apex bank’s commitment to a positive outcome of the 2023 general election, saying that the bank will not allow itself be used in any way to scuttle the election.
He spoke when he received a delegation from the Independent National Electoral Commission (INEC) led by its chairman,Prof. Mahmood Yakubu.
Against the cash scarcity that greeted the Naira swap policy of the CBN as deadline day looms, the INEC chairman has sought support of the apex bank for waivers on cash withdrawals to enable INEC to settle service providers and transporters .
Tracing the relationship between INEC and CBN through several electoral cycles, Emefiele noted that the two government agencies have collaborated even before hisb appointment as governor a relationship he said has not shown any signs of decline.
“The relationship between INEC and the central bank dated back even before I became CBN governor and I will say that this relationship is one that border purely on trust and confidence. And we appreciate, truly appreciate the fact that INEC, supported by the Nigerian people, have the confidence and trust in the capability of the CBN to played the role we have played for you and through you, to the Nigerian public ro ensure that our elections hold without hitches.
“I will now be specific. Before now we have been involved in the storage of election materials. Before now we have been involved in not just the storage but in the distribution of the electoral materials using our bullion vans and armoured bullion vans in transporting those electoral materials. We are happy that in the course of this relationship we have not disappointed you and that is the reason you have come again this time”.
He said the apex bank has also been forthcoming in supporting the electoral body in realizing its mandate citing a recent case where the apex bank provided needed foreign exchange for the procurement of election material, among them the Bimodal Voter Accreditation System (BVAS).
He assured INEC that it will as well make cash available for the electoral body to settle service providers and transporters who will be moving electoral materials from Area council to Registration Areas and polling units.
” Because we consider INEC operation as topmost and urgent national assignment that cannot fail, the Central Bank will not allow itself either to be used, or be seen as an agent that frustrated a positive outcome at the election.
So make this commitment that whatever you need, you have responsibility, if you want.The relationship between the Central Bank of Nigeria dates back to even before I became the central bank Governor and that relationship, I will say border purely on trust and confidence.
And we appreciate and truly do appreciate the fact the INEC supported by the Nigerian populace have the trust and confidence in the ability of the central bank in playing the roles that we have played for you, on or through you to the Nigerian populace to ensure that our elections hold without any hitches and I will be very specific. Before now, we’ve been involved in the storage of INEC election materials and involved using our armoured Billion Van in transporting electoral materials.
“We are happy that in the course of this relationship, we have not disappointed you and that is the reason you have called me again this time. Now, just aside from the issue of storage of election materials together with transportation of election materials from CBN locations to your own specific or designated locations.
“I know that just a few months ago, I visited your office and you raise the issue of how foreign exchange can be procured to you to import BVAS and other forms of election material that need to be imported. And I gave you my word that foreign exchange will be provided for that purpose. I stand here to confirm that as at today, all dollar that is needed to import those items have been provided and those items have been imported.
“So, it’s all part of our commitment. Now this issue of pain and logistics for people who are going to be transporting election materials, certainly, the assurance I give to you is that because we’regarded INEC project as a topmost or an urgent national assignment, it cannot fail and the central bank would not allow itself either to be used or to be seen as an agent that frustrated a positive outcome of that election”.
Prof Yakubu, the INECchair, in his presentation stressed need INEC to settle some of its obligation to service providers in cash.
“In line with the provisions of extant laws and regulations, service providers are generally paid by means of electronic transfer to their accounts. 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.
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
” 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.
” We are confident that arising from this meeting, we can assuage the anxiety expressed by some of our service providers. We are determined to make the 2023 General Election one of the best organised elections in Nigeria but we cannot do it alone. That is why the Commission is mobilzing every critical national institution for the success of the election. This meeting is part of this effort”.