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Central Bank of Nigeria releases cash to INEC ahead of 2023 Elections

New Naira notes deadline: CBN new deadline to swap old Naira notes and  latest update from Godwin Emefiele - BBC News Pidgin

The Central Bank of Nigeria (CBN) has issued funds to the Independent National Electoral Commission (INEC) ahead of the February 25 and March 11 national and state elections, according to nationonlineng.

The amount was not revealed.

The cash was transferred to INEC yesterday, according to a source at the central bank, after CBN Governor Godwin Emefiele's assurances to INEC Chairman Prof. Mahmood Yakubu that the cash would not be a hindrance to the effective conduct of the elections.

He offered the guarantees after the INEC chief called on the CBN governor explaining that "service providers, notably transporters, are expected to be paid in cash and moreover, history has shown that emergency scenarios may arise on election day, which could necessitate the usage of cash by the Commission".

According to the source, the CBN released the unknown sum of cash to the Commission in response to this request.

Similarly, despite President Muhammadu Buhari's direction that the old and new N200 notes circulate side by side, Abuja residents were surprised to see just the old notes in circulation.

All of the banks we visited in Abuja metropolis only paid out N20,000 to customers over the counter in predominantly mangled N200 notes.

Because "the notes could not be fed into the machines to be disbursed due to their bad state," the banks near the Federal Secretariat did not dispense cash from their ATMs. Customers were spotted rejecting the tampered notes immediately at the counter.

There was some uncertainty over the status of the redesigned banknotes early yesterday.

Several bankers told their customers that the N500 and N1,000 notes will be reintroduced, but the CBN dismissed the report as false.

The CBN released a statement signed by the Deputy Governor Corporate Services Edward Adamu and the Director Corporate Communications Osita Nwanisobi saying "only N200 old notes are to be reissued and to circulate simultaneously with the new notes".

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