Nigeria push for new currency notes creates crisis

Описание: (10 Feb 2023)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
Lagos - 7 February 2023
1. Mid of men offloading bags of rice
2. Various of Monday Ezuma, a foodstuff dealer in his shop
3. Close of beans in bowl
4. SOUNDBITE (English) Monday Ezuma, foodstuff dealer:
“It’s affecting our business because we are not seeing the money. Some people when they come to buy market, they are not holding cash because they are not seeing cash. Even you want to transfer, the network is so bad.”
5. Mid of man removing dirt from beans
6. Mid of yam dealer sorting stock
7. Palm oil being transferred
8. SOUNDBITE (English) Monday Ezuma, foodstuff dealer:
"One of the problems we are facing much now is a fake transfer. Some people will say that they transferred money, they will show you the alert but after you open your (bank) app, you cannot see the money. And it's not everybody that has the android phone, if not an android phone to open the (bank) app to see if the money entered or not. When you go to the bank and check they will tell you the money is not there, that means you have lost those goods.”
9. Close of Garri (Cassava Cereal) being measured and poured into bag
10. Mid of young man pouring Garri into bowl
11. Close of Garri (Cassava Cereal) being poured into bag
12. SOUNDBITE (English) Ajiboye Moses, Chairman, Garri Dealers Association of Nigeria:
“The challenge with new naira note is difficult for us because we cannot see the money. And bank people, they put together that we should part all the old money to the bank. And we part the money, to see this money spent is very difficult for us. As I'm talking to you now I am supposed to have travelled to Edo State to bring in new goods but due to the difficulty of this money now, I cannot travel. Because even though the village people have no bank here, no bank. And without cash, we cannot buy anything.”

ASSOCIATED PRESS
Lagos - 8 February 2023
13. Mid of tomatoes
14. Mid of market stall
15. Mid of potatoes
16. SOUNDBITE (English) Sam Chidoka, Economist, CEO, Kairos Capital:
“For the average Nigerian, we are cash denominated. We deal more with cash than with any other form of transfer of value. If you check, we had about 3 trillion naira in circulation in the country, most of it was outside the banking industry, outside the vaults of the bank because that’s how we do business. So, this is a lifestyle change for loads of people. You can see the challenges that is happening in the urban areas, its worse in the rural areas as well because we are largely cash dependent economy. So, really the change in transiting from the old naira to the new naira, it’s having a huge effect and mostly negative on the populace at this point in time.”

ASSOCIATED PRESS
Lagos - 7 February 2023
17. Mid of market
18. Various of Nigerians at bank waiting to use ATM
STORYLINE:
Nigeria's push to replace the local currency notes with newly designed ones is creating an economic crisis, with the limited cash in circulation hurting many people and businesses across the West African nation.

The Central Bank of Nigeria introduced the redesigned notes and new limits on large cash withdrawals to help recover about 85% of the total currency in circulation outside the banking system.

It said this would also help curb money laundering and make digital payments the norm in Africa’s biggest economy, that’s currently largely driven by cash transactions.



Nigerian Economist Sam Chidoka said the new currency is a lifestyle change for a significant amount of people and is having "mostly negative impact" on the population.


AP Video shot by: Dan Ikpoyi



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