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Naira redesign: give us time to bring out money save locally in our rural settlements, Miyetti Allah tells CBN

As mixed reactions continue to trail the decision of the Central Bank of Nigeria to redesign three highest naira denominations in the country, N200, N500 and N1,000 notes, the leadership of Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), has appealed to the apex bank to extend the deadline for the circulation of the newly redesigned currencies slated for December 15, 2022, to another three months.

Leader of the association in the South-east zone, Gidado Siddiki, who made the called in an interview with journalists in Awka, on Thursday, said the extension will enable its members who are majorly living in forest and bushes as a result of their ancestral business (grazing), to bring out their savings for proper transformation to the new redesigned naira note to avoid huge lost of their money.

It was gathered that the CBN governor, Mr. Godwin Emefiele, announced that banks will start circulating the newly redesigned currencies from December 15, 2022.

He said the naira notes were redesigned following a request from the Federal Government, and that CBN has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.

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Speaking further, Siddiki, said the Association is in full support of the policy.

According to him, “why we are appealing, in 1985, when a similar policy was announced, so many of our people that was in their grazing settlements at the rural areas across the country lost their money because of the prompt information. They could not meet up with the timeframe given by the Apex Bank. The two weeks given then was not enough for them to meet up and majority of the herders lost their long time savings because, many of the herders do not have account numbers, do not keep their money in the bank. They kept and protect their money locally.

“We can not fight or reverse government policies as law abiding citizens of Nigeria, we are only appealing to the CBN to help us extent the deadline for another three months, so as to enable the leadership of Miyetti Allah reach out properly to those living in out-of-telecommunication areas across states of the federation,” Siddiki stated.