Title: The considerable damage suffered by poultry farmers in Nigeria following the naira redesign policy
Introduction :
The naira redesign policy implemented by the Central Bank of Nigeria has had disastrous consequences for the country’s poultry farmers. According to the Poultry Association of Nigeria (PAN), they suffered losses estimated at N200 billion during this period. This situation is due to various factors such as destruction of eggs, deterioration of frozen chickens and inability to sell to customers due to unavailability of new tickets.
Difficulties encountered by poultry breeders:
At the second Poultry Summit held in Abuja, PAN President, Sunday Ezeobiora, highlighted the challenges poultry farmers have been facing. He particularly mentioned the policy of redesigning the naira implemented by the Central Bank of Nigeria, which has made it difficult to obtain the new notes to purchase raw materials. Additionally, farmers were unable to sell their products, thereby leading to the destruction of frozen eggs and chickens worth over N200 billion, without receiving any support or compensation from the government.
The consequences of the naira redesign policy:
The naira redesign policy was first announced in October 2022, with the introduction of new 200, 500 and 1,000 naira notes. However, commercial banks stopped distributing the old banknotes due to the lack of new banknotes to meet demand, leading to difficulties for citizens in their purchases and transactions.
In addition to the naira redesign policy, other factors such as removal of subsidies and floating of the naira have further worsened the crisis in the poultry sector. Poultry farmers have had to face considerable financial losses and difficulties in maintaining their activities.
Conclusion :
The naira redesign policy in Nigeria has had a major impact on poultry farmers, leading to significant financial losses and difficulties in maintaining their businesses. It is essential that the government takes measures to support these breeders and compensate for the losses suffered. A careful reflection on monetary policies and their impact on economic sectors is also necessary in order to avoid such damage in the future.