Politics

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

Published

1 year 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

S’Africa lengthens troop deployment in Mozambique, Congo DR

Published

23 mins ago

April 26, 2024

Ifeoluwa Dada

President Cyril Ramaphosa said in a speech that South Africa’s military would keep sending troops to Mozambique and the Democratic Republic of the Congo, which are both in the middle of wars.

The extension will leave 1,198 members of the South African National Defense Force (SANDF) in eastern Congo for an unknown amount of time. They are there as part of a United Nations peacekeeping force helping Congo fight rebel groups.

The statement also said that 1,495 members of the SANDF would keep working in Mozambique, where they have been since 2021 helping the government fight dangerous extremism in the north.

After two SANDF troops were killed and three were hurt by a mortar bomb in Congo in February, South Africa’s military operations abroad have been looked at more closely at home this year.

Meanwhile, the major opposition party in South Africa, the Democratic Alliance, said that Ramaphosa sent troops into a war zone without being ready.
Under the supervision of the UN, the SANDF has taken on many dangerous and difficult peacekeeping tasks over the years to help war-torn African countries stay stable and peaceful.

In 2003, South Africa was one of the first countries to send troops to Burundi to help the peace process. During the Democratic Republic of the Congo (DRC) peacekeeping mission in 2000, the SANDF led attempts to stabilize the country’s politics, rebuild and improve infrastructure, and train DRC troops.

Politics

Digital Rights: Policy enthusiast, Jere, advocates self-regulation as alternative to govt regulations

Published

2 days ago

April 24, 2024

Ifeoluwa Dada

Copperbelt businessman and mining policy advocate, George Jere, has highlighted the importance of self-regulation in the expanding digital media landscape, countering arguments against freedom of speech.

In an exclusive discussion with Zambia Monitor, Jere challenged notions surrounding media freedom and digital rights, emphasizing the indispensable role of effective media instruments in national progress.

“Digital media’s unrestricted nature facilitates publishing, although tracking those behind it poses challenges for government intervention,” Jere remarked, advocating for self-regulation as a preferable alternative to government restrictions.

He stressed the need for a balanced approach between private and public media operations, criticizing the high level of censorship in public media channels.

“While cyber security laws fall short, self-regulation offers a more effective solution for managing digital platforms,” Jere asserted, expressing disappointment in the government’s failure to enact comprehensive media reforms.

Jere cautioned against subjective regulations aimed at suppressing dissenting voices, urging authorities to reconsider laws through inclusive consultations.

“Media freedom should extend to all, including rural communities, chiefs, and church leaders, across traditional, social, and digital platforms,” he emphasized.

Reflecting on public media governance, Jere noted its tendency to align with ruling interests, calling for fairer recruitment processes for media executives to ensure unbiased coverage.

Regarding proposed taxes on online livestream programmes, Jere questioned the necessity of double taxation, suggesting negotiation of percentage-based levies to support domestic resource mobilization without unfairly targeting individuals.

As debates on freedom of speech and media regulation continue, Jere remained steadfast in advocating for inclusive, balanced media practices to foster national development.

This story is sponsored content from Zambia Monitor’s Project Aliyense.