Coins-dispensing ATMs without Coins-accepting Vending Machines: Who will Accept the Coins?

The CBN recently said it has concluded plans to introduce coins-dispensing ATMs in the country. Goof! If they are so keen on imposing these currencies on Nigerians, must they be so myopic as well in the way they go about it?

When some people advised that if the CBN must introduce the coins, they should also encourage Nigerians to spend it, they definitely made mention of other avenues of spending coins besides the usual hand-to-hand method. If the CBN wants to buttress it’s argument for the introduction of the coins by pointing to countries where they being used, they should remember that in these countries facilities have been put in place that require people to use them.

Precisely, when the Chairman of Council, National Institute of Marketing of Nigeria, Chief Lugard Aimiuwu, said they should encourage Nigerians to spend coins he made mention of some of these machines. According to him, “Maybe they should be encouraged to support a culture of having coin boxes all over the place where people can pay for things in coins. For instance, the dual carriage rail system they say they are doing from Lagos to Ibadan; if they ask the passengers to pay with coins that will support the culture of coin usage.

Implication: there should be goods and services cheap enough that we can pay for them through coins! If they think they must introduce the coins, they can start by introducing the “culture” to the people; sensitize retail business owners on the use of the vending machine; as it is, Nigerians have never been familiar with this culture (i.e. vending machines), they can start from there.

The CBN wants to introduce coins; they are not thinking about how the coins would be used – even though the people continue to scream that they don’t want them – what they are thinking about is how to dispense the coins to people through the ATMs. Who will collect the coins?