The Central Bank of Nigeria (CBN) has finally released funds to the Independent National Electoral Commission (INEC) for election logistics.
The National Commissioner of INEC disclosed this development to the press on Tuesday. Other INEC officials corroborated the INEC National Commissioner, POLITICS NIGERIA reported.
Recall that last week, INEC expressed concerns that the cashless and currency swap policies of the CBN would pose a challenge to the successful conduct of the forthcoming general elections.
“The issue of the cash crunch has been resolved and our resident electoral commissioners have started collecting the money,” the INEC national commissioner, who spoke in confidence, said.
There was concern that the election would be disrupted if the CBN refused to grant INEC’s cash request due to a scarcity of naira notes caused by the apex bank’s cashless policy.
INEC explained that, while the majority of its payments are made via online transfers, it would require cash for certain services.
The CBN, however, finally granted INEC’s cash request four days before the 2023 general election.