CBN May Shift Circulation Of New Notes As Cattle Breeders Demand Extension


By Adadainfo

Cattle breeders in Nigeria, under the aegis of the Miyetti Allah Cattle Breeders Association of Nigeria (MCBAN), want the Central Bank of Nigeria (CBN) to shift the deadline for the circulation of the redesigned currencies by three months.

The body hinges its request on the fact that its members mainly do not bank, and would require the extension to move their hard notes to banks.

Alhaji Gidado Siddiki, leader of the association in the South-East, told newsmen in Awka that their members live in bushes and would need more time to mobilise to urban areas where they could deposit cash in banks.

He recalled in 1985 when cattle breeders lost huge sums of money due to the similar exercise.

Quoting him, “The cattle breeders could not meet the timeframe given then by the apex bank as the two weeks given was not enough for them.

“As a result, a majority of the herders lost their life savings because many of them do not have bank accounts and therefore do not keep their money in the banks. Their normal practice is to keep and protect their money wherever they are.

“We cannot fight or reverse the government policy as law-abiding citizens of Nigeria, but we are only appealing to the CBN to help us extend the deadline for another three months to enable the leadership of Miyetti Allah to reach out properly to those living in out-of-communication areas across states of the federation.”

Our correspodent reports that the redesigned currencies will start circulating from December 15, 2022, according to the CBN.

Meanwhile, Barr Nwabueze Ugwu, a constitutional lawyer, has cast doubts on the sincerity of the naira redesigning project.

In his view, “There is no doubt that naira redesigning will affect the elections. Pundits say it is to stifle the opposition of funds, while government candidates will have easy access to the new notes. Time was when people don’t doubt whatever the government says. Nigerians have lost faith in Nigeria. Nigeria has lost credibility.”

Adadainfo is an online newspaper reporting Nigerian news. Email: Phone: 08071790941

Leave a Reply