Emeka: Hi guys, hope you had a fantastic week. Your one and only Mummy G. O sends you greetings. My name is Emeka Aaron and I’m excited to be here again on another episode of the Good Citizen Radio Show, which is brought to you by CSR-in-Action and partly sponsored by Act Foundation. As one good citizen, let’s endeavor to get our PVCs and remember to stay safe and healthy. We’ll go on and show at commercial break now to return shortly. Don’t go.
Did you know the Central Bank of Nigeria on the 26 October 2022 announced the introduction of the redesigned 200, 500, 1,000 notes into the financial system. But since the notes were unveiled, Nigerians across different parts of the country have had a hard time assessing it from banks and ATM points. So today we are having an open mic conversation on the scarcity of the Naira and how it has affected our daily lives. I have with me my colleagues in the studio we are here to dissect the situation of Nigeria today, right? Okay. So I have with me in the studio Chioma Ahumareze and also I have Isaac Emmanuel. Isaac Emmanuel was on the show the other time, if you guys can remember, and I had to bring him back again.
Isaac: Good evening everyone.
Emeka: Good evening, Isaac. And I hope you guys are good today. Also behind the scene Ayodele Owoeye, I hope I didn’t kill the name this time. He’s also joining us and he’s trying to do some other things while he’s in the studio with us. Okay, so we’re going to be talking about this and why I decided for us to do this is so that we can all have our own experience right, on the show and talk about how we have experienced this couple of months. For us, it started with the scarcity of fuel, right? And now the night are redesigning. In fact, I don’t know, a couple of people say it wasn’t redesigned, it was just colored. First we’re going to be talking about the fuel scarcity, and then we’ll talk about capacity of the naira notes. And now with the civil unrest that is happening, we heard a couple of news this morning and it wasn’t good at all. Some parts of Lagos were having some unrest and issues were just springing up right in front of us. Okay, so for the question I don’t want to start with you, Chioma. Okay, well, I think I’ll do that because it’s the ladies first.
You’re going to go first today. Okay. So the banks have been accused of hoarding the new notes. Right? Why? Some mobile cash points vendors are said to be exploiting the situation by dispensing the new notes to customers at skyrocket prices. Some POS operators collected as much as 1000 to release 10,000 naira. Chioma, it seems we’re living in Nigeria and Nigeria is like being in an abusive relationship. We were talking about this before we got into the studio. So how have your experience been so far?
Chioma: We just want to say personally, it’s not been easy trying to get cash. The new in-quote narrow note, it’s not been easy. Sometimes I’ve had to change 20k, then I had to pay 24k. And then a friend of mine wanted 100k and they collected 27k from him, so he had to pay 127k for 100k. It’s not a good look. You’re basically using money to buy money. It’s not funny at all. It’s not been funny.
Emeka: I can imagine. I can imagine. Isaac, how’s your experience been so far?
Isaac: It’s been an experience, basically. It’s been an experience. Initially there was a feeling that maybe sooner or later everything will lighten up. Let’s just give them. But then after one day, two days, by the time you go to the POS operator and then there’s no cash. No cash. That’s the new slang now. No cash. No cash. Or where you go, the first thing you say is, do you have cash? I have to make new friendships because of that. So there’s this mom and pop store close to my house and I just had to walk in one day and I had to make friends with the person in charge. And I’ll be like, okay, I’ll buy something from you, but I’ll pay you more via transfer on my ATM card and then you give me the change.
Emeka: Wow. I know. It’s been very hard on a lot of people right now. Most times when I’m driving to work in the morning and you see a lot of people at the bus stop right, looking for a vehicle to commute to work, and now they are saying that you can use the old Naira notes. How we’re going to be able to cope with all this at the same time? January just came on point, everybody and you’re having all these people recovered from the spending in December, right. And now you’re having to deal with a lot of stuff at the same time. Okay, so with the persistent scarcity of naira, if any citizen sees anyone giving them money on election day, that are more prone to collect. Right. What in this casualty of the naira aid votes buying by politicians at this stage, it’s going as it is right now.
Chioma: Everybody wants cash. So in a way, it just depends on how you feel or what you’re inclined to do. If you’re a staunch believer that what’s right. You might not take you might take a steal vote. But right now, everybody is ready for 1k. Somebody wants everybody is kind of desperate because there’s no cash anyway. So everybody is like, anyone I see. Please, I need you.
Emeka: Trying to do a transfer, I think on Monday. And I called my account officer and say, how far can you help me do the transfer? And she was like, in the whole branch, we don’t even have 10k cash.
Isaac: My goodness.
Emeka: I was like, if the banks don’t even have the cash, then where’s all the cash? Where is all the cash? So that’s the puzzle. So, Isaac, has your experience been so far?
Isaac: Well, it’s really been something I was saying earlier that had to become creative with relationships. And then I think generally that this situation has made people desperate. People are desperate for cash. I was in the bus this morning, and a lady handed over the old 1000 naira note to the driver just this morning, and he returned it back to her and said, I’m not taking this from you. And the next thing the lady was going to say is, can I do transfer? And the issue with that is that is it the traffic on the internet channels and all. It’s just so high.
Emeka: We’re even going to talk about that, right? We’re going to talk about that.
Chioma: Just write what he said. Same thing as I was coming in this morning. Demand from the park was like, it’s either you have your new naira note or you do your transfer but he’s not leaving unless it drops. Unless he sees the alert.
Emeka: That’s interesting. What about you send it, they debit you. But he doesn’t get the alert.
Chioma: He has to see the alert on his own. If not, you’re not going with him
Emeka: Wow. Good stuff. Okay, so like we said earlier, we’re having an open mic so everybody can call in to be able to express themselves and also tell us about their experience so far on what’s been happening in Lagos, in Nigeria, right? So we can be able to hear how he’s been with you so far. So if you have any opinion, questions or suggestions about the topic we’ve been discussed today, or how you like being.
We love to hear from you and you can reach us on zero 0700923923923 or you can send us a WhatsApp message on 08173136193. While we wait for your call we’ll continue the conversation. Okay. Thank you very much. So the government is still saying that a cashless economy would reduce physical cash in circulation and would drive economic growth. Do you think a cashless economy will workin Nigeria? But before you answer that, I have a follow up question. Can the Nigerian banking sector handle the pressure coupled with epileptic internet service that we have? Just like you were talking about the bus driver who said that the alert must enter before the bus will leave the park.
Chioma: Exactly. So having a cashless economy is not bad. It’s not a bad idea. The issue is, do we have the current facilities we have? Can it support it? And based on we have a lot of people that are unbanks as it is now. Imagine we have orders, everybody banked in courts and we’re having this issue now that the alert is not coming in on 1 hour the next day. I don’t think right now it doesn’t look like we are there yet. In terms of the banking sector then. As for Internet, that one is another story also because we all know how services one day are shut down. You have to survive claim one place and say please, if their services, then they talk here. And of course, because this is fast transaction, just imagine you’re buying something from the paper seller, zooming. She has an account. She wants to see her 200drop at those times not that go come.
Emeka: So that means we’re going to be moving in slow motion because you have to wait and wait.
Chioma: Anybody will not give you their goods when they have not seen the credits. Me, I wouldn’t do it. I’m not sure anybody would.
Isaac: Of course.
Emeka: Thinking about something right now for me, I tried to look at the humor in everything, right? Waiting for the alert. Let’s put it on a national scale right now. Don’t you think that will help Nigerians to slow down a little bit because we’re living our life in it?
Isaac: I really do not think so.
Emeka: You’re driving on the road. You want a lane like this before you know you’re out of the lane.
Isaac: That weight is not a healthy weight. I just went to underscore what she just said now about the cashless economy and we’ve been on that journey as a nation for so…
Emeka: Sorry just hold that thought. We’re still waiting for your call. If you have any comments and suggestions on the show, we’re still waiting to hear from you and would like for you to join us on the conversation. Okay, so you can go ahead, Mr. Isaac.
Isaac: All right then. So I was saying that we’ve been on that journey for some years. And one thing that is common in this side of the world is sometimes policies can be more sensational than constructive.
Yeah. The fact that it’s a sensational thing means it’s more emotional and more of a knee jerk reaction than something that is planned. So look at UK, for example.
Emeka: My friend will call it fire brigade approach.
Isaac: They also run the cashless economy.
Emeka: Oh, we have a caller. Good afternoon and thank you for joining us on the show today. Your name and where you’re calling from?
Caller: Okay. My name is Faith. I’m calling close to third mainland bridge.
Emeka: Okay, Faith, how are you today?
Caller: I’m very well, thank you. This policy isn’t helpful; this is something that would have gone with the gradual withdrawal of the old currency. The CBN Governor wants to change by now. Even the bank apps are not ready for this kind of transaction. I sent several money yesterday, they all came back. But for me, I do business with those people, so it’s easy for me to go back and say, sorry, the money came back, I can resend it. If you just imagine if it was a normal person that I met in the market and just transacted with the person would have lost that sale. I think the bank not just even once you buy something at the point of purchase. They debit account, you don’t get value it’s declined to try all the POS. I don’t think the government and the CBN governor of the bank is all not ready for this change. We can try other modes of transacting until we are fully ready.
Emeka: Thank you very much, Faith. Thank you very much for calling. And try not to be pained. Just try and make yourself happy. These too shall pass.
Chioma: Just based on what she said before this whole transaction thing, sometimes you actually go to the market and you do a POS transfer and it will tell you declined but you get a debit alert appear as well. I need to tell you, declined what you will get.
Emeka: It happened to me, and luckily I didn’t drive that day.So immediately I collected the cash. I just left and entered Keke. Before 30 seconds, I got another debit 25k. I had to come down from the cake. Okay, we have another caller.
Caller: Hello, good evening.
Emeka: Okay, good evening. Your name and where you’re calling from?
Caller: Yes. My name is Ololami
Emeka: Okay, thank you for joining us today. To what you have your experience?
Caller: Yes, I have to be begging people for 1000 naira. Wow. Say, okay, transfer and all that. I’ve not even been driving because of the fuel scarcity. So, I said, let’s go on public transport. But really, you know, the problem we have is this policy came in three months ago people were trying to describe the policy and the money, even the note. They said when you carry the new notes, the colour and all that. It discouraged lots of Nigerians from getting that new note. The banks were not even helping matters three months ago. The banks were not even dispensing new notes or at the ATM. They are the ones that contributed to shortage of these new notes in Nigeria. Because imagine if three months ago most of these banks were dispensing and paying people with new notes we will not be where we are today. So, where are the new notes? Where did they go to three months ago is enough for the money to circulate around the old country. Yes. You cannot even see new notes anyway. Maybe you justify 500, 1000. You cannot see new notes of like 20,000 naira. You cannot. If you go to bank, bank or not, even if it’s fine for them to withdraw 200, there will give you 5000 naira. So, the bank should be questioned. What happened to those new notes that came in three months ago? What happened to the new notes? Why are they not in circulation? Why were they still putting old notes in their ATM? And why were they paying people old notes? So, they should ask them where they went. So, the politicians and the banks are in some kind of romance so they should ask them them where those notes were. Three months is enough for money to circulate in Nigeria. Thank you.
Emeka: Thank you very much, ma’am. Thank you very much. That’s a very strong one there right?
Chioma: Yeah, she has a point as well.
Isaac: Yeah. But then you also need to consider the fact that circulation of money is I say it’s faster in urban areas. When you compare that to rural areas. Rural areas, you have very renewed places.
Emeka: We have another caller. Your name and where you’re calling from? Yeah.
Caller: My name is Michael. Michael, I’m calling from VI.
Emeka: VI, okay. Your question, Michael.
Caller: Okay, so what I want to say is that you see all these things is also caused by CBN because at the moment you bring in new notes and you say all the banks should not dispense old note again and we’re still dispensing old notes. What did you do about it? You understand? We are supposed to move swiftly and stop them from dispensing the old notes. And I think a bank that has new note to dispense will badly be dispensing the old notes, knowing the implications.
So the new notes are not available. Even if they are given the banks, they don’t give them enough. I know of a bank that didn’t receive this new note until about three weeks ago. One month ago before they received their first new note. And even that one, the ones they received from morning to twelve noon, it was already finished. They have made people that would likely withdraw only 2000 before. There are people who maybe they will go to the ATM now and then it’s only 2000 they need. They would draw 2000 and go back. Now, when they see any opportunity to withdraw, they would withdraw more than that 2000 and then it’s a really big issue for me, I blame CBN, I believe they created all these problems because they were supposed to recalculate it very well before bringing out the distance. The policy is okay because hearing over the news people that are holding so much money and then the rest, all this thing is going to cap all those things. But they were supposed to do it with good monitoring. They didn’t monitor the system. They didn’t monitor, you give a bank, they know how much they printed, they know how much they’re giving the banks, they know how much they are in the system so that when something is going wrong, they will know another thing will go wrong, finish going wrong, and then they will start trying to correct it. It’s not going to work. It’s a real big issue.
Emeka: Thank you very much for calling, sir. Thank you. We have another caller. Okay, thank you for joining us. Your name and where you’re calling from?
Caller: Thank you very much. My name is Peter from Edema.
Emeka: Thank you. Your question
Caller: Yes, my question is if we listen to the last speaker he said that 500, 1000 should be illegal tender but the 200 naira, he said we should be recycling to the system. Where are those 200 naira? Since morning I’ve been looking for a way to get only 20,000. I couldn’t find even 2000. And my question is that this policy is it for the interest of Nigerian faith or is for the interest of President Muhammad Bahuri. I’m not sure this is for the interest of Nigeria because to him, I want to use it to curb vote buying, somebody like me; I don’t have any vote to buy. Things will just get worse but I don’t pray for that.
Emeka: We don’t pray for that either. Thank you very much. We have some people who are blaming the government. We have another caller. Okay, thank you for joining us. Your name and where you’re calling from?
Caller: Thank you. This is Barnabas from Ajegunle.
Emeka: Oh, Barnabas, thank you for joining us today. Your questions are please.
Caller: My own is I want to be informed.
Emeka: You want to be informed? Okay.
Caller: Yes. About the issues I have with this POS. I transferred to an account last week. The account owner could not see the money.
Emeka: Sorry. Have you gone to the bank? Have you gone to the bank that you transferred from?
Caller: You know bank is under lock and key.
Emeka: I think you can call the customer care of the bank, right? Yes, I think that’s the safest and fastest way to reach them right now.
Chioma: And also, if it went through the person, the receiver might also need to print out or request for their bank statements, either by email, because sometimes they don’t get an alert. So, it might have entered, but yes didn’t get an alert.
Emeka: Yes, I think just give it time and just try the other avenues to reach them. Thank you very much, Mr. Barnabas. Okay, guys, we have a lot to talk about.
Isaac: Tension is raging.
Emeka: Yes, it is. And with the unrest that’s happening all around Lagos State right today, and somebody on social media handle ask a question. Demac has asked, what is the ideal thing to do in this situation? So, we really do not have that much time to take the question, but the conversation continues on all our social media handles and we hope that we’ve been able to learn from this discussion about the naira scarcity. Thank you very much everyone, for listening and also all our callers Barnabas, Mike and all the other people that called on the show today. And we do hope you have a lovely weekend ahead. Until next time, let’s continue to be a light to one another. The show is brought to you by CSR-in-Action and proudly sponsored by Act Foundation. And I remain your one and only celebrity show host, Emeka Aaron. Let’s endeavor to get our PVCs. Until next time, stay safe. God bless you and stay good.
