New Naira: MACBAN Warns CBN over Plights of Herders, Farmers who have no Bank Accounts

New Naira: MACBAN Warns CBN over Plights of Herders, Farmers who have no Bank Accounts

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), the umbrella body of Nigerian pastoralists has called on the Central Bank of Nigeria (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.
MACBAN observes that because of the insurgency in the North East and North West of the country and other related security issues those who deal with livestock and who are excluded from the current Banking system in the country coupled with the debilitating network challenges, economic activities in the remortest areas have been crippled.

While MACBAN supports the Federal Government in it’s current policy that seek to stem money laundering, terrorism financing, unregulated liquidity in the market and to curtail the use of money in politics.
Reports from our members across the states show that unless the policy is modified, livestock markets across the states will be crippled as most the small livestock holders can’t accept money transfers for now.

Now that An average cow costs between N250,000-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 even service in the rural areas?.
MACBAN states its member are some of the biggest victims to the security challenges in country the last eight years haven so far lost over 10,000 of its members and over 4.5 million livestock due to insurgency in the North East, banditry in the North West and cattle rustling in the North Central.
The Association noted that It’s time for CBN come out and tell pastoralists and those who live on the fringes how they can 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 sensitization for the new policy ought to have been well thought and after the takeoff of the programme. This is what we as a body intend to hear and be engaged so as 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.

Muhammad Nura
National PRO