Some Nigerian poultry farmers recorded huge losses due to the scarcity of naira notes caused by the implementation of the naira redesign policy of the Central Bank of Nigeria (CBN) in the first quarter of the year.
Farmers who spoke with PREMIUM TIMES within the week explained how the cash crunch affected sales of poultry products such as eggs and broilers amidst high prices of poultry feed. Other farmers lamented how they recorded unprecedented losses and sold off their birds at low prices.
Although the CBN and commercial banks in the country are beginning to comply with the Supreme Court ruling that the old naira notes be circulated until 31 December, poultry farmers said that they are reeling from the ripple effects of the naira scarcity.
Background
On 26 October 2022, Nigeria’s CBN announced the introduction of newly redesigned 200, 500 and 1,000 naira notes into the country’s financial system. But after the notes were unveiled, millions of Nigerians across the…
