CBN’s CASHLESS POLICY: Analyst fears cash crunch will fuel vote buying
CBN Governor, Godwin Emefiele

 An analyst, Barr. Abubakar Animiokhali has said the poor implementation of the Central Bank of Nigeria’s cashless policy will fuel vote buying in the 2023 general elections.


Animiokhali stated this on ATN Politics while commenting on the claim by Kaduna state Governor, Nasir El-Rufai that politicians in the Country have beaten the CBN at the policy


He said, “The so called remedy this redesign of naira is alleged to possibly apply to the election will not be there after all because if the people go into the election hungry and desperate for money, that means the votes will even sell more. So, if you go into an election with that desperation, the only thing that will happen for certain is that the number of votes certain amount of naira use to buy before will be more than what it will by this time. If 1,000 naira use to buy five votes, by this dispensation if care is not taken, 1,000 naira will buy 20 votes.


“The revelation we got through El-Rufai now is that, one individual, a governor was able to withdraw 500 million naira. If a governor is able to withdraw 500 million naira, that means other politicians have been able to withraw so much as well. Remember, El-Rufai made us to understand, of course which we know because it is public knowledge that most of these banks are owned by politicians and he who pays the piper dictates the tune.”


Contrary to Animikhali’s position, which is in line with governor El-Rufia’s claim, Dr. Prosper Edoja said they policy by the CBN may be experiencing some challenges, however, it has taken majority of politicians in the country by surprise hence, there decision to resort to engaging president Muhammadu Buhari.


“Now the progressives’ governors have gone to meet with the president, why did they meet him before the 31st of January that was hitherto fixed. They did all their best to scuttle the efforts of the CBN governor and his team at implementing the cashless policy but having tried using the federal House of Representatives and of course the Senate and it didn’t hold sway, having tried using the DSS and they could not succeed they have now resulted to using the principle of the president, Muhammadu Buhari so as to convince him,” he said.


Edoja said the policy by CBN has mopped a greater percentage of currency that was hitherto in circulation and available to politicians.


“If El-Rufai is saying that politicians have beating CBN to the game, that is wrong. That some of them have succeeded in accessing this new currency doesn’t make it that they have beating CBN to the game; because as of today, majority of the monies that were in circulation have hitherto being mopped up from the economy, hence, we are experiencing what we are experiencing now,” he said.


Governor El-Rufia in an interview with BBC Hausa Service said politicians have beaten the CBN at its cashless policy. The governor said the implementation of the policy, which was crafted to mop up excess cash available to politicians ahead of the 2023 elections was wrongly timed.

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