On February 13, 2023, a press release with the letterhead of the Independent National Electoral Commission(INEC) claimed the commission was planning to postpone the elections. This is false.
The press release quoted Mahmood Yakubu, the INEC chairman, as saying he has shifted the February 25, 2023, presidential election to March 4, 2023 due to “scarcity of cash” following the redesign of the naira.
Context
In the last quarter of 2022, the Central Bank of Nigeria (CBN) announced a naira redesign policy to mop up excess cash liquidity in the Nigerian system — especially outside the banking system.
In November 2022, a new set of high-value naira notes were launched and pumped into the banking system. The bank gave a 90-day deadline for old high-value cash to exit the system.
As of the January 31 deadline, CBN extended the deadline to February 10, 2023. But Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), said the policy was affecting Nigerians and the elections.
The INEC chairman met with the CBN governor, Godwin Emefiele, to speak to the naira scarcity, and was assured that INEC will get enough cash for the election.
The naira controversy has continued past the deadline, due to a Supreme Court ruling.
Has INEC postponed elections?
The press statement making the rounds is FALSE. The INEC chairman did not make any statement on the postponement of the February 25, 2023, presidential election. INEC has insisted that the elections will go on as planned.