New Naira: MACBAN Warns CBN over Plights of Herders, Farmers who don’t have any Financial institution Accounts

The Miyetti Allah Cattle Breeders Affiliation of Nigeria (MACBAN), the umbrella physique of Nigerian pastoralists has known as on the Central Financial institution of Nigeria (CBN) to increase the deadline for the change of forex to cater for these pastoralists and small scale farmers dwelling within the rural areas with no entry to Banking infrastructure.


MACBAN observes that due to the insurgency within the North East and North West of the nation and different associated safety points those that cope with livestock and who’re excluded from the present Banking system within the nation coupled with the debilitating community challenges, financial actions within the remortest areas have been crippled.

Whereas MACBAN helps the Federal Authorities in it’s present coverage that search to stem cash laundering, terrorism financing, unregulated liquidity out there and to curtail using cash in politics.


Studies from our members throughout the states present that except the coverage is modified, livestock markets throughout the states shall be crippled as most the small livestock holders can’t settle for cash transfers for now.

Now that A mean cow prices between N250,000-N350,000, far above the money transaction allowed by the CBN. The query is how will pastoralists who don’t have financial institution accounts be paid after they had no entry to Banks and POS even service within the rural areas?.


MACBAN states its member are among the largest victims to the safety challenges in nation the final eight years haven up to now misplaced over 10,000 of its members and over 4.5 million livestock on account of insurgency within the North East, banditry within the North West and cattle rustling within the North Central.


The Affiliation famous that It’s time for CBN come out and inform pastoralists and those that dwell on the fringes how they are often mainstreamed so that each one Nigerians are made to share the features and never solely the pains ..


MACBAN regrets that insurance policies designed for urbanised Nigerians are imposed on rural individuals who lack all of the infrastructure for a seamless inclusion into the mainstream Economic system.

The sensitization for the brand new coverage should have been properly thought and after the takeoff of the programme. That is what we as a physique intend to listen to and be engaged in order to enlighten our members somewhat than expose them to the risks of rumour, misinformation and insinuations that would result in induced rise up.


Whereas this coverage has its very long time advantages, let the CBN ease the issue that has arisen now.

Muhammad Nura


Nationwide PRO