Politics

Will vote-buying resurface as Nigeria’s cenbank makes statement on legal tenders?

Published

2 years ago

March 14, 2023

In Nigeria, the Central Bank has finally bowed to pressure to affirm the position of the country’s Apex Court that held that the old N200, N500, and N1,000 banknotes remain legal tenders.

According to a statement (PDF) signed by the Central Bank’s Acting Director, Corporate Communications, Isa AbdulMumin in the late hours of Monday, the bank’s position is in “compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgment of March 3, 2023.”

Nigeria has been on a recent trend of monetary policy in a bid to rescue its struggling economy. Nigeria’s apex bank recently announced plans to introduce new designs of the N200, N500, and N1,000 late last year.

The CBN governor, Godwin Emefiele, at the time of introducing the policy in October 2022 revealed that the decision was birth out of a need for the bank to cut cash circulation amidst Nigeria’s growing inflation rate, particularly because “85% of the currency in circulation are outside the volts of our commercial banks.

According to Emefiele, “data indicates that N2.73 trillion out of the N3.23 trillion currency in circulation was outside the volts of commercial banks across the country.”

Months after, following a suit filed by some states of the Nigerian Federation, the Supreme Court stopped the Nigerian government and the CBN implementing an earlier deadline of January 31st for the notes as legal tenders.

But despite the Supreme Court’s position, the CBN maintained that the old currency has seized to be legal tender with commercial money banks already refusing the notes as deposits. Some Nigerians have been left stranded as the new notes remain scarce while the few old ones available are beginning to be refused.

Some analysts have argued that the redesigning the country’s currency and the limited supply of the new note is a deliberate plot by the outgoing president, Muhammad Buhari, who is believed to be committed to delivering a free and fair election to frustrate “vote buying” which has been characteristic of recent elections in Nigeria.

According to a Chatham House report on Nigerian electoral behaviour, “data gathered in 2018, in the second household survey conducted by the Chatham House Africa Programme’s Social Norms and Accountable Governance (SNAG) project, shows that three-quarters of people believe it is broadly unacceptable for anyone to exchange their vote for money or a gift. At the same time, they assume that at least half of the people in their community would be likely to sell their votes.”

However, with the current development as Nigerians are expected at the polls on Saturday for governorship and state Assembly (legislature) elections, it is left to be seen if the central bank’s latest position would result in the resurfacing of vote buying which was by Nigerian standard seemingly reduced during the controversial presidential elections of February 25.

Related Topics:Currency Redesign Featured Nigeria Vote Buying

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Politics

Ghana’s Supreme Court reinstates ruling party’s majority

Published

3 days ago

November 13, 2024

Ifeoluwa Dada

The ruling New Patriotic Party regained its majority in the legislature ahead of the Dec. 7 election after Ghana’s Supreme Court declared on Tuesday that the speaker of parliament’s declaration of four seats as vacant was illegal.

Alexander Afenyo-Markin, the leader of the NPP caucus, petitioned the supreme court of the West African nation to reverse Speaker Alban Bagbin’s decision.

Bagbin had said that one member of the National Democratic Congress and two members of the NPP had resigned their seats when they registered to run as independents.

Another lawmaker with an NPP leaning filed as an NPP candidate to run for office.

Due to Bagbin’s decision, the NDC now holds 136 members in parliament, compared to the 135 held by the NPP, the party of outgoing President Nana Akufo-Addo.

The approval of Supreme Court nominees, loans, and bill enactments, as well as the presentation of a provisional budget for the first quarter of 2025, were all delayed by the indefinite postponement of two further parliamentary sessions.

In a televised decision, Chief Justice Gertrude Torkornoo declared that Afenyo-Markin’s appeal was successful by a majority vote of 5:2. She noted that the court will later submit the rationale for its ruling.

According to Afenyo-Markin, the decision permitted the parliament to return to its regular activities. Among other things, it is anticipated to approve a $250 million World Bank loan intended to support the financial industry and give corporations tax breaks.

A request for comment from Bagbin’s representative was not answered.

Although some observers predict a hotly contested election, opinion surveys suggest that primary opposition leader John Dramani Mahama will likely defeat NPP contender and incumbent Vice President Muhamudu Bawumia in next month’s election.

Politics

Senegal: PM Sonko urges followers to avenge campaign violence

Published

3 days ago

November 13, 2024

Ifeoluwa Dada

Senegal’s Prime Minister, Ousmane Sonko, has advised Pastef party followers to exact retribution for claimed violence against them during the Sunday parliamentary election campaign.

Before a presidential election in March in some of the greatest disturbances in Senegal’s history, supporters of the prime minister, also president of Pastef, battled with police. Since Sonko’s ally, President Bassirou Diomaye Faye, won the vote, the nation has remained peaceful. He defeated then-president Macky Sall handily.

However, reports of periodic conflicts between various party supporters have surfaced recently as the nation gets ready for a legislative contest that will finally determine how much Faye and Sonko will be able to carry out their agenda.

Sonko claimed in a social media post attacks against Pastef supporters in the capital Dakar and other towns since campaigning began.

“May each patriot they have attacked and injured, be proportionally avenged. We will exercise our legitimate right to respond,” he wrote.

The text accompanied a photo of a young man showing a gashing wound on his forearm.

The first week of campaigning saw an increase in violence reported by a local civil society group involving conflicts between supporters in central Senegal and the burning of an opposition party headquarters in Dakar.

Calling for calm, the interior ministry said on Monday it had been notified of acts of violence and sabotage against party caravans and other campaign activity.

In order to stop damage, rights defender Alioune Tine asked politicians to exhibit “moderation and wisdom” in their speech and requested the interior ministry to invite various party representatives to meet.

“The verbal escalation has reached a critical threshold, we have the impression of going to war,” Tine posted on X.

Pastef is up against former ruling parties that have united ex-presidents Sall and Abdoulaye Wade into a coalition.

Dissolving the opposition-led national assembly in September, Faye accused legislators of not participating in substantive budget and other proposal debates.