• News - North Central - FCT
  • Updated: February 04, 2023

Naira Swap: Consider Pastoralists — MACBAN To CBN

Naira Swap: Consider Pastoralists — MACBAN To CBN

MACBAM is calling for the increase in the deadline for Pastoralists with no access to Banks have time to swap their money

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has urged the Central Bank of Nigeria (CBN) to mainstream the interest of pastoralists in the implementation of cashless policy.

The National Public Relations Officer, Malam Muhammad Nura, made the call in a statement on Friday in Abuja.

Nura also called on the CBN to
extend the deadline for the change of currency to cater for those pastoralists and small-scale farmers living in the rural areas with no access to banking infrastructure.

According to him, the association observed that the policy had crippled many of its members because of the insurgency in the North East and banditry in North West
and other related security issues.

He said those in the livestock business and who were excluded from the current banking system in the country, coupled with the debilitating network challenges and economic activities in the remotest areas, have been badly affected.

He said that MACBAN supported the Federal Government in its current policy that seeks to stem money laundering, terrorism financing, unregulated liquidity in the market and to curtail the use of money in politics.

”However, reports from our members across the country show that unless the policy is modified, livestock markets across the states will be crippled as most of the small livestock holders can’t accept money transfers for now.

”Now that an average cow costs between N250,000 to N350,000, far above the cash transaction allowed by the CBN, the question is how will pastoralists who don’t have bank accounts be paid when they had no access to banks and POS service in the rural areas?

”MACBAN states its members are some of the biggest victims to the security
challenges in country in the last eight years, having lost over 10,000 of its
members and 4.5 million livestock due to insurgency in the Northeast, banditry in the Northwest and cattle rustling in the North Central.”

Nura stated that it was time for CBN to come out and tell pastoralists and those who live on the fringes how they could be mainstreamed so that all Nigerians are made to share the gains and not only the pains .

”MACBAN regrets that policies designed for urbanised Nigerians are imposed on
rural people who lack all the infrastructure for a seamless inclusion into the mainstream economy.

”The sensitisation for the new policy ought to have been well thought out and after the take-off of the programme.

"This is what we as a body intend to hear and be engaged, to enlighten our members rather than expose them to the dangers of hearsay, misinformation and insinuations that could lead to induced rebellion.

”While this policy has its long time benefits, let the CBN ease the difficulty that has arisen now.” 

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A'isha Ahmad
A'isha Ahmad

Kano based Nigerian  Broadcast journalist, writer, reseacher. You can reach out via [email protected]

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