The Independent National Electoral Commission disclosed yesterday that the Central Bank has provided it with cash to cover logistic costs that cannot be paid using bank transfers. INEC initially complained that the naira swap crisis was affecting its ability to conduct the elections. This was because transportation costs of adhoc staff, as well as other expenses, needed to be paid in cash. But because of the naira scarcity, INEC could not access the cash to settle these expenses. This led to speculations on whether the elections would hold.
However, after the Commission sounded the alarms that the naira scarcity could impede the smooth sailing of the elections, the CBN announced that it would intervene and provide new notes directly to INEC.
The necessity of this intervention is an indictment on the implementation of this new naira policy. Even big government institutions are impacted by the naira scarcity. And of course, there is no intervention for everyday Nigerians who are struggling to get naira to buy everyday necessities.
by Kayode Somtochukwu ANI