There are growing fears that Nigeria’s 2023 elections could be postponed due to the lingering scarcity of naira notes as a result of the Central Bank of Nigeria’s (CBN) cashless policy.
The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5,000,000, respectively.
The CBN also introduced the currency redesign policy which involves the issuance of new N1,000, N500 and N200.
But the scarcity of the new notes has caused a lot of chaos in different states of the federation and as a result, tensions are high among Nigerians.
To understand the level of growing concerns, the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has met with the CBN Governor, Godwin Emefiele.
Even though Emefiele has assured that the apex bank will not allow itself to be used to frustrate the forthcoming elections, not many actions are being taken to confirm this assurance.
The CBN governor promised that the apex bank will make available every cash needed to pay for logistics for the successful conduct of the elections.
This is not the first time Emefiele has made promises on the availability of cash for necessary spending, so why should Nigerians be assured this time?
Escalating tensions
Nigerian youths recently took to the streets in Abeokuta, Ogun State, to protest over the scarcity of banknotes – a development that has left many citizens cash-strapped and unable to attend to their basic needs.
These protesters made bonfires and blocked the roads during their demonstration. Reports also revealed that a protester was shot when police operatives tried to disperse the protesters.
Already, there have been reports of bank customers destroying bank facilities, breaking Automated teller Machines (ATMs) and harassing bank staff members.
Election postponement fears
Section 24, subsection two, of the Electoral Act 2022 provides that the electoral umpire can postpone an election if there is a possibility of serious breach of peace.
‘Where a date has been appointed for the holding of an election, and there is reason to believe that a serious breach of the peace is likely to occur if the election is proceeded with on that date or it is impossible to conduct the elections as a result of natural disasters or other emergencies’, it states.
‘The commission may postpone the election and shall in respect of the area, or areas concerned, appoint another date for the holding of the postponed election, provided that
such reason for the postponement is cogent and verifiable’.
Let us hope that INEC does not eventually postpone the elections as it appears there is no end in sight to the scarcity of cash.
The federal government should bring together concerned stakeholders and make a final decision on how to resolve the chaotic situation.
This is not the time to keep giving ‘assurances’ and making empty promises. The federal government and the CBN need to act fast to ensure that normalcy is restored to the polity and that the 2023 elections are held as scheduled.
Photo source: Presidency Nigeria
