- The Miyetti Allah group has made a passionate plea to the Central Bank of Nigeria over the Naira Redesign Plan.
- They express concern that the January 31st, 2023 deadline will cost many of their members their money.
- The cattle breeders seek that the CBN extend the three-month deadline for various reasons.
The Miyetti Allah Cattle Breeders Association of Nigeria (MCBAN) has requested that the Central Bank of Nigeria (CBN) extend the deadline for depositing old currency notes in commercial banks by three months.
Alhaji Gidado Siddiki, the South East group leader, made this plea in an interview in Awka on Thursday, November 17 2022.
TopLatestNews had earlier reported that the apex bank had, on October 26, 2022, announced that it would redesign the N200, N500, and N1,000 notes.
The new naira note design would be effective from December 15, 2022, while the old notes would cease to be legal tender on 31 January 2023.
Miyetti Allah lists reasons for the extension
Independent newspaper reports that Miyetti Allah leader explains that the extension of time would enable his members, who majorly lived in the forests and bushes as a result of their nomadic life, to be able to bring out their savings in exchange for the redesigned naira notes and avoid them losing their money.
Another is that it will help stop many of their member’s grazing settlements in the rural areas across the country lost their money because of the promptness of information.
Siddiki also pleaded that the two weeks given then were not enough for them to meet up do not have account numbers or keep their money in the bank.
“They could not meet up with the timeframe given by the apex bank. The two weeks given then were not enough for them to meet up and the majority of the herders lost their longtime savings because, many of the herders do not have account numbers, and do not keep their money in the bank. They kept and protect their money locally.
Siddiki who said the association was fully in support of the CBN’S policy added:
“We cannot 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 to enable the leadership of Miyetti Allah to reach out properly to those living in out-of-telecommunication areas across states of the federation.
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced modifications to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers’ emails
On December 15, 2022, the Central Bank of Nigeria will begin the circulation of new Naira notes