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

Again, Rwanda denies it attacked displaced persons in DR Congo

Published

2 days ago

May 4, 2024

Ifeoluwa Dada

For the sixteenth time, Rwanda refuted US charges on Saturday that its troops attacked a camp for internally displaced persons in the eastern Democratic Republic of the Congo (DRC), placing the blame instead on militants it claimed were backed by the military of the Congo.

The US State Department released a statement in which it vehemently denounced the incident that claimed at least nine lives on Friday.

There have been persistent accusations against Rwanda of providing support to the armed organizations, which has resulted in diplomatic tensions between the neighbours in East Africa.

Citing the threat that Rwanda’s surface-to-air missile systems posed to civilians, U.N. and other regional peacekeepers, aid workers, and commercial aircraft operating in the eastern Democratic Republic of the Congo (DRC), the US demanded in February that Rwanda remove its systems and all of its armed forces from the DRC immediately. Rwanda denies providing any assistance to the rebels.

According to the U.S. statement, the M23 rebel group, which Rwanda supports, and the Rwandan Defense Forces (RDF) held the positions from which the attack was launched. The United States is “gravely concerned about the recent RDF and M23 expansion” in eastern Congo.

Speaking on behalf of the Rwandan government, Yolande Makolo refuted claims that the RDF was responsible for the attack, blaming instead rebels backed by the Congolese military.

“The RDF, a professional army, would never attack an IDP (displaced persons). Look to the lawless FDLR and Wazalendo supported by the FARDC (Congolese military) for this kind of atrocity,” she said in a post on X.

Wazalendo is a Christian sect, while the Democratic Forces for the Liberation of Rwanda (FDLR) is a Hutu organization that was founded by Hutu officials who left Rwanda after planning the 1994 genocide.

Thousands of people from the surrounding areas have fled to Goma in eastern Congo as a result of the M23 rebels’ two-year offensive, which has advanced toward the city in recent months.

Politics

Liberia: President Boakai signs order to create war crimes court

Published

2 days ago

May 4, 2024

Ifeoluwa Dada

To provide long-overdue justice to those who suffered grave injustices during the two civil wars that raged in Liberia, President Joseph Boakai has signed an executive order to establish a war crimes court. Boakai granted his final approval and congratulated the lawmakers for their effort in the legislation.

Many atrocities, such as rape, massacres, and the use of child soldiers, occurred during the wars that lasted from 1989 to 2003. A special court was eventually ordered to be established to try those who were deemed to be at fault by the Truth and Reconciliation Committee.

President Boakai proposed a resolution to create a special court, which was later backed by Liberia’s lower house and senate.

“The conviction that brings us here today is that, for peace and harmony to have a chance to prevail, justice and healing must perfect the groundwork,” Boakai said in a special address.

Activists and civil society organizations that have demanded greater justice for crimes committed during the conflicts that claimed the lives of almost 250,000 people have praised the initiative.

With support from global organizations like the UN, the court would function in Liberia under international norms once it was operational. Economic offences will also be handled by it.

Meanwhile, some in Liberia are against its development, arguing that it could weaken the amnesty law that was already in place and cause old grievances to resurface. This helped put a stop to the violence.