 Today on The Breakfast Nigeria has fallen four places in the latest ranking of the 2022 corruption perception index by transparency international discusses ahead on the problem. Also on The Breakfast no fewer than 79 peasants have committed suicide in Nigeria in 2022. We'll also look at the headlines on the front pages of today's national dailies. We have quite a number of them on our table this morning all these ahead on The Breakfast right here on Plus TV Africa. Very good morning to you. Welcome. It's The Breakfast on Plus TV Africa. I hope you're having yourself a nice morning and getting up to a brand new day excited for the day. My name is Kofi Bartels. I am messy a boppo. It's good to have you join us this morning. Right and if you're at home you can just grab yourself a cup of tea coffee or even water and sit back to relax and enjoy the program promises to be quite quite interesting. We have an outstanding lineup of guests this morning to do justice to the topics and you will really definitely enjoy the program. Now while you're enjoying the program some Nigerians out there groaning because of the scarcity of the Nigerian currency the Naira the new one. The old Naira is no longer it won't soon no longer be in effect the next 10 days or the next nine days today should have been the deadline for the facing out of the old Naira notes and Central Bank of Nigeria gave an extension of 10 days. Nigerian small walks of life residents of people who reside in Nigeria have been doing their best to try and get their Nairas swapped the old notes for the new notes what we've seen trending pictures videos of and tales of Nigerians struggling at different points. I don't know what should we use as a soundtrack to these videos if we mash them up what song should we use as a soundtrack. Kofi you should have given me maybe Idris we use Idris song that one that Obasan Joe is said to have banned him for. I don't know but you can see the tales of Nigerians you know struggling just to get their hands on the new notes so that they can spend it. Can we listen to some of what they're saying is it possible let's see. I think this has gone beyond residents groaning or residents groan this is residents struggle for the new Naira notes that's what it should be right because that's what you can see right there it's very very unfortunate very unfortunate incident it's also comical it has this comical part to it and if you look at all of the comments surrounding it then you know usually as we always say Nigerians have no chill right but I'm just asking myself how worse can this be really I mean look at all of that that's going on but to be very honest then to talk about the reality is that a lot of persons have been going through too much stress just to have access to the notes so if you walk into the banks maybe that might be different from this morning I I can't really tell but as of yesterday you find a lot of persons queuing I mean for those banks that are dispensing or ATMs that you have you know giving out the notes we're not even talking about the new Naira notes it's a struggle for the currency now people are struggling for the currency cuts across you know different parts and what this is speaking to is speaking to the issue of cashless policy it feels like this is very loud in our ears or eardrum and we need to pay attention to it because at the end of the day those who are actually queuing for I mean queuing to get cash is that there are some services that you probably need to you know exchange money maybe you you want to you want to service for instance you need to move from point A to point B and you definitely need to pay cash because I'm not sure that the call me as we call them or the downfall would be accepting you know transfers and they don't have POS you know for you to swipe your ATM card and pay for what it is so this is where we're actually moving towards yes the CBN governor had made statement yesterday but this also did not address the issue there are also some other issues I mean it's very unfortunate that we have to go through this it's almost really you know nothing to talk about this but it's sad when you see people struggling just to get the new note and what have you it's a good thing that you know CBN has also said that the notes I mean you still have time to swap the note there will be still time for you to exchange this note even after you know the extension time has expired but it didn't also state that it's a means of transaction you probably will not use it to transact after you know the deadline but you can walk up to the banking hall and give it out that's what it is but we can only manage you know we will always manage remember my my niece telling me that you have to manage so yes let's manage let's you know be patient let's be hopeful and everything would be you know better in no time I'm very optimistic yeah um Osita Nisobi is the director of the corporate communications department of the central bank of Nigeria um I have to come out and do some explanation I think his work got a bit hotter after I got into Mayfield a governor of the central bank of Nigeria presented himself uh or reported himself uh at the house of representatives meeting after speaker Femi Pajabi amela uh you know threatened to issue a warrant for his arrest and he gave explanations why he had not been able to attend uh or respond to the invitation or honor the invitation of the house of representatives for the past few months he said he was on official assignment he was on official vacation and had to take a health break and but he gave assurances you know like you said mercy of um the uh willingness of the central bank of Nigeria to obey the law all right to obey the law setting up the the central bank the law that actually gives uh empowers the central bank and empowers him to be the governor of the central bank and we're talking about um uh the provision of section 20 subsection three you know of the central bank of Nigeria act um and that was breaking news yesterday everybody scampered to you know the newsrooms you know online or virtual and fiscal or scampered to try and put the information out uh it was quite surprising then the house of reps uh the committee chairman and members of that committee and indeed in turn Nigerians heaved a sigh of relief so I do not know people will be still at the atm's points and the banking halls and banking compounds uh you know in their numbers like we've seen trying to get their hands on the new uh the new notes but one very interesting thing the uh committee chairman uh the house of reps in that uh meeting with the central bank of Nigeria and led by its governor said was that um you know they didn't need to go through this route to let Nigerians do that after uh the deadline now which is of 10th of February that they could still swap their old narrow notes for the new ones I mean and he said one word communication is what the chairman of committee said communication in fact at the point some members of the committee were trying to hush him up because they felt that he was a good was was about to lash the CBN but he said hey I'm the chairman of this committee and I have the right to talk let me talk and he said see communication and I think he spoke for major reverend Nigerians you know because we've had a lot of unclear things about this particular the past few policies or the past few months the cash withdrawal policy the Naira swap policy we've had policy somersaults or policy U-turns if you want to call it back right now people are not even sure as to whether they can get the new Naira over the counter people are not sure again because of inconsistency in the messaging of the central bank of Nigeria so the committee chairman Messi said you know communication is key and if they knew that they were going to accept the old the old narrow notes after the deadline they should have communicated this to the public if they knew they were going to extend the deadline from the 31st of January to 10th of February they should have communicated ahead of time ahead of time so this is very important well they are saying that you can like you said mercy spend you can you cannot spend the the old narrow note after the 10th of February deadline but Nigerians can swap it the old notes for the new notes but um one is to be the central bank spokesman had to say that after the deadline Nigerians will be able to redeem the face value of the Naira only at the central bank of Nigeria and not at commercial banks only at the central bank of Nigeria and not a commercial uh a bank subject to meeting certain conditions it's quite interesting subject to meeting certain conditions what are these conditions that Nigerians uh will have to find out the uh and those in the country will have to find out but here we go again um so this is where we are uh Messi yesterday I tried to get the new narrow note at the bank across the office as I stepped out I was walking towards the ATM Majestically because I know that bank is a big bank and one of the top banks and he will have money that eats him he shouted from afar money no day you know day so I should go to the other one at uh it's a day or a day somewhere I should go and I said oh god may I go house I haven't read that note you know and what I say is that you know what's happening it's beginning to resemble what we saw in Greece when they had their economic meltdown they devoted on debts and all but it's beginning to resemble what we saw in Venezuela you know it's going to resemble what we saw in Argentina many years ago and recently in Sri Lanka and the sign for economies that are going heading or countries are heading to the economic abyss okay countries are heading to economic abyss abyss is that um you you find queues and crowds people trying to get money out and they can't that's one number two if we're having fewer narrow notes than um we have in circulation these new notes that means that some people will want to withdraw money they won't find it and I think that that is not I don't know if if that is the best because the legal tender is the reason why you have a legal tender there's reason why you have the the currency it's because it drives trade it drives commerce no you know because people buy and sell no so so naturally I mean this will not be the first time we have had you know new narrow notes or changing our currency in terms of the print and what have you and that has actually gone smoothly but you know the excuse and some of the conversations that you have is that the CBN is responsible for regulating the note currency and what have you and it is also the CBN's responsibility to ensure that here we're not in inflation and so this might just be a way to say we're not experiencing inflation as it should be or as it is I mean inflation is on top of the issue and then when you begin to look at it you ask yourself does this in any way solve inflation or it complicates the situation but I like the fact that there's been response and that will be on a you know next top trending the response from the CBN governor Godwin and Mephile you know would probably just put a bit of that rest to us I'd just like to get to that so Mephile or the CBN says that the banks will still accept old Nirenotes the banks will still accept old Nirenote he says it will continue to accept the old Nirenotes even after he said so but what I just said is that the CBN spokesman Sorenson to Jack Merci came out to clarify after Mephile's appearance at the House of Race Meeting what I just said was that he says that the clarification is that you can't go to the commercial banks to swap the old Nirenotes you have to take it to the central bank of Nigeria well I'm sure that not the commercial you know the same just the same way just the same way we have you know there's an outcry the reason for the debt line is because Nigerians have been very vocal they have put out their feelings I mean there's a lot that's been going on and that is also is the reason why they extended it so I want to believe that Nigerians will still talk about this because when you say go to the CBN the CBN is not like commercial banks you don't you don't find it anywhere yes yes so what he's saying this is what he said according to the provision of section 20 because like I said the man had to come out to clarify things he quickly hurriedly addressed the press this is a director of corporate communications department CBN Ocita one is will be spoke to newsman he called them and said see what is happening don't get it wrong don't get it twisted from the start word that that you cannot take the money to any commercial bank anyway because it seems to be legal tender and it says in climbs all over the world any money or currency that seems to be legal tender you know cannot be changed at the normal banks you have to go to the controlling authority now in Nigeria's case it's a central bank of mine so I remember it is own peculiar challenges no no so I also remember but be just quickly to add that I urge people not to sit back at home sorry messy and and and and wait still oh I go central so I don't I don't think that that's you know it should be cast in stone I don't think that that's rocket science if the CBN is settled with the responsibility that's why you have the house of representative or the committee settled with the responsibility of new narrow node redesign and you know the swap calling for a maffili and at the end of the day he's accepted he said yes we stand with the you know with the house of reps at this point because vividly there's also reference to section 20 subsection 2 3 4 almost 5 of you know the acts CBN act of 2007 and that is the the bone of contention is that oh yes when he gets to that time the owner and note you can't swap it it's over it's no longer legal tender but this conversations are not cast in stone and of course if you want to begin to go to the courts to get interpretation then if the CBN is settled with the responsibility I'm just saying logically if you think about it if you're settled with the responsibility of ensuring that yes they are going to take out or you know collect this forms the old note as the legal tender then they'll find a way it's not going to be a big issue I'm sure that clarity would definitely come and I am also hoping that the CBN is listening in the central the governor of the CBN is also I mean listening in Godwin and maffili himself so it shouldn't be a problem right well it's okay that that's been mentioned but we know that we definitely find a way out and speaking to the reason why we have several amps of government checks and balances this is very important I remember vividly when you know the House of Representatives the House rejects it and people we begin to politicize it and we begin to think oh this is about politics it's about a certain political party everything should not be politicized very big thumbs up to you know the House of Reps for carrying out their duty and ensuring that they remind the CBN of her constitutional and you know legal obligation to Nigerians because I feel like he's a reminder don't forget that the CBN governor had been summoned over time you know to appear and of course he made the excuse or he gave the reason why he you know he wasn't able to show up because he was out of the country but the reason if you look at it that they constantly made a reference they made reference to that section of the act section 20 subsection 234 and 5 of the CBN act of 2007 and we're here now so yes it's a good one that you know you will still have the opportunity not to lose your nair you will still have an opportunity to exchange it because the CBN will be collecting whether or not it will be directly I'm sure they'll find a way to do all of that but we need to move away because we're out of time and we'll definitely return with our top I beg your pardon the papers this morning we'll call it off the press please stay with us good morning