Naira Redesign: Please extend the deadline, we have Naira cash in forest – Miyetti Allah tells CBN
The Miyetti Allah Cattle Breeders Association of Nigeria, MACBAN, has appealed to the Central Bank of Nigeria, CBN, to extend the deadline given for the circulation of the country’s new currencies.
The leader of the association in the South-East, Gidado Siddiki, urged the CBN to extend the deadline by three months to enable members of the association to bring out their money from the forests to avoid huge losses on their part.
Siddiki explained that the extension would give members of MACBAN more time to deposit their money in banks.
Siddiki made the call in an interview with journalists in Awka, Anambra State on Thursday, and said most herders don’t save their monies in banks, hence the need for time.
He said the appeal became necessary because according to him, the group are majorly living in forest and bushes as a result of their business, and they needed more time to bring out their savings for proper transformation to the newly redesigned notes.
The Central Bank of Nigeria had announced the redesigning of the three highest currency denominations of N200, N500 and N1,000 notes.
According to the CBN, the redesigned currencies will start circulating on December 15, 2022.
While expressing their full support for the new policy, Siddiki recalled that when a similar policy was announced in 1985, many of his members who were in their grazing settlements in the rural areas across the country, lost their money because of the impromptu nature of the execution of the policy.
He said: “The cattle breeders could not meet up with the time frame given then by the apex bank as the two weeks given was not enough for them to meet up.
“As a result, the 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 can not fight or reverse government policies as law-abiding citizens of Nigeria, we are only appealing to the CBN to help us extend the deadline for another three months, so as to enable the leadership of Miyetti Allah to reach out properly to those living in out of telecommunication areas across states of the federation.”
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