Naira crisis: CBN releases cash to INEC ahead of 2023 polls

The Central Bank of Nigeria (CBN) on Tuesday released cash to the Independent National Electoral Commission (INEC) ahead of national and state elections on February 25 and March 11.

A source at the apex bank confirmed to newsmen that the cash was released to INEC following the assurances of CBN Governor Godwin Emefiele to INEC Chairman, Prof Mahmood Yakubu that cash will not be a constraint to the successful conduct of the elections, adding that the amount of the cash released was not disclosed.

He gave the assurances when the INEC boss called on the CBN governor pleading that “service providers, especially transporters, are required to be paid in cash and besides, experience has shown that emergency situations do arise on election day, which could demand the use of cash by the Commission”.

However, in response to this plea, the CBN released the undisclosed amount of cash to the Commission, according to the source.

The Informant247 reports that there was confusion on Tuesday over the status of the redesigned banknotes, where some bankers told their customers that the N500 and N1,000 notes will be back in circulation, but the CBN debunked the news as fake.

Meanwhile, the CBN issued a statement signed by the Deputy Governor Corporate Services Edward Adamu and the Director Corporate Communications Osita Nwanisobi that “only N200 old notes are to be reissued and to circulate concurrently with the new notes”.

The statement reads: “The attention of the Central Bank of Nigeria has been drawn to a fake press release purported to have emanated from the Bank to the effect that President Muhammadu Buhari has approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.

“For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr. President, only N200 old notes are to be reissued and to circulate concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.

“The bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.”