The Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, Michael Opeyemi Bamidele, has identified the Central Bank of Nigeria (CBN), with its naira redesign policy and the resulting acute shortage of naira notes, as the most significant danger to the 2023 polls.
Senator Bamidele made the remarks at a one-day special hearing on “The Extent of Implementation Of The Electoral Act, 2022 Ahead Of The Conduct Of The 2023 General Election,” which was organized by the Joint National Assembly Committee on INEC and Electoral Matters.
The apex bank’s policy has resulted in a widespread shortage of naira notes, prompting protests in various parts of the country.
At a meeting with CBN management on Tuesday, Prof Mahmood Yakubu, Chairman of the Independent National Electoral Commission (INEC), raised concerns about the impact of the naira redesign policy on the successful conduct of elections, stating scenarios may occur necessitating quick cash payments for essential services during polls.
Bamidele stated that the selective cash withdrawal strategy negotiated by the electoral umpire with the CBN on Tuesday was insufficient to ensure the smooth conduct of the polls.
The senator said, “The CBN told us at the beginning of the policy that the targets were the so-called moneybags who stashed away billions in their closets. We thought those at the people they want to get at.
“We have now seen that it is the ordinary man on the streets. They are sleeping in the banking hall because they cannot have access to the little money they have. We must understand the political economy of an electoral process.
“Are we saying that INEC must rely on the intervention of the CBN for it to perform?” he asked.