Nigeria: How naira crisis is affecting farmers and herders without bank accounts
Frozen Bone-In Beef
Meat
Nigeria
Published Feb 20, 2023
Tridge summary
Farmers and herdsmen have suffered losses in Taraba State as a result of the scarcity of naira notes, which has crashed prices of grains and cattle.
Original content
The situation is further compounded because 90 per cent of farmers and herdsmen do not have bank account numbers. At grain and cattle markets, trading is conducted on cash-and-carry basis and both farmers and herders are rejecting cash transfer from those buying produce and animals. Similarly, out of the 11 major grain and cattle markets located in four local government areas of the state, only Mutumbiyu town have a functional commercial bank. Farmers and herdsmen who brought their grains and cattle to the markets were disappointed because of the absence of buyers who could transact business on the basis of cash-and-carry. The development has compelled villagers and herdsmen to sell their produce and animals at cheaper rates, while those who were not ready to accept the low prices went home with their items. Major grain and cattle markets in the state are in Maihula, Tella, Mutumbiyu, Jatau, Kungana and Karamti. Others are Garba-Chede, Gazabu, Iware, MarabanBaissa and ...
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