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Naira Redesign: Farmers Ask FG For Compensation Over Losses

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The All Farmers Association of Nigeria has appealed to the Federal Government to compensate farmers for losses recorded during the implementation of the Central Bank of Nigeria naira redesign and subsequent cash crunch.

The farmers made the plea in an interview with the News Agency of Nigeria on Saturday in Lagos while reviewing the impact of the policy on food production and agribusiness.

They said that the compensation became necessary to encourage farmers to return to the farms.

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The farmers said the compensation could be inform of grants, inputs, fertiliser and farm implements.

They added that it would enable them to meet the food production target already set for 2023.

Dr Femi Oke, AFAN’s Chairman Lagos and South-West Zone, said a lot of their members were affected during the implementation of the policy, thereby disrupting farming activities.

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According to Oke, the cashless policy and naira redesign policy of the Federal Government in February affected farmers seriously.

From what we have seen and heard so far, the loss recorded during the period is huge and on the high side, especially for our members that are into livestock, poultry and piggery and processors.

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“If we are to quantify these losses, it runs into billions of naira that we have lost during this period.

“The poultry farmers were the most affected, it was just like the period of the COVID-19 which we experienced in 2020. We pray never to have a repeat of the COVID-19 again because it was a great loss.

“We also discovered that many farmers could not pay their labourers and this became a huge problem.

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“Majority of the farms are situated in the rural areas where there is little or no presence of commercial banks so they had to travel long distance and spend more money in order to buy naira from Point-of-Sale operators to pay the farm workers,” he said.

READ ALSO: Naira Gains Against Dollar At Investors’ Window

Oke said it was a great problem because many of the farm workers rely on daily payment because they don’t have bank accounts.

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“Many farmers could also not transport their farm produce such as pepper, vegetable and other perishable items to the market due to lack of cash and patronage from customers.

“The situation led to loss of farm produce right before the eyes of the farmers. It was a sad sight to behold.

“There’s nothing more agonising, discouraging and painful than watching your farm produce and hard work go to waste without any solution,” he noted.

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Oke urged the FG to compensate for all these losses caused by the ill-timed policy.

We want the Federal government to take action by assisting us with grants with interest rate as low as five per cent.

“Giving us grant is one way to solve these mirages of problems affecting food production now,” he added.

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READ ALSO: NLC Protests: CBN To Flood Banks With Old Naira Notes

Oke urged the CBN to liaise with the Federal Ministry of Agriculture and AFAN on policy formulation and information dissemination to farmers.

We have said it times without number that the CBN should not be dealing or dictating to farmers directly.

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“CBN should work with the Federal Ministry of Agriculture and the umbrella body of farmers, which is AFAN, on issues affecting farmers.

“CBN should desist from dealing directly with them to avoid misinformation and misrepresentation,” he said.

Oke, however, urged farmers not to relent or be discouraged by recent happenings in the economy but to go back to the farms and support government policies to boost food production and self-sufficiency.

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Be rest assured that the incoming government will do a lot for farmers,” he added.

READ ALSO: Naira Redesign Strangulating Nigerians, Northern Elders Warn CBN

Also speaking, Mrs Adewunmi Malik-Adeola, a livestock and crop farmer, urged the FG and CBN to engage farmers in future to prevent needless losses recorded during the implementation of the naira redesign policy.

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Malik-Adeola noted that there was poor information about the policy in the rural areas where majority of the farmers reside.

She lamented that information on the policy’s modalities, take off and implementation was not available.

She added that concerned stakeholders must be educated on government policies to prevent loss of investment which could lead to sickness or even death.

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We are stakeholders and we need to be carried along whenever a new policy is been introduced.

“One of the reasons why the programme failed was due to lack of information and how farmers and the general public can prepare ahead.

“It really destroyed a lot of our farming activities during the period, especially the livestock, our birds and eggs.

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READ ALSO: Naira Scarcity May Affect Private Business In Q1 – Report

“It came as a shock to everyone because this is something we have never experienced in the history of this country.

“The damage had been done; government must look for how to compensate us for all our losses.

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“Government should release money for us to meetup with demand, we need financial assistance, inputs and grants,” she said.

Mrs Abimbola Francis-Fagoyinbo, Secretary, AFAN in Lagos, described the impact of policy on her business as devastating.

Francis-Fagoyinbo, a cassava processor and packaging farmer, said that a lot of her produce were destroyed due to poor sale.

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She urged the government to come up with programmes that would ameliorate the damage in the sector.

“Right now, as I speak, some of our farmers in the farm are calling me that the garri they have processed there’s nobody to buy it and the ones they have lost they cannot recover the money.

READ ALSO: Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist

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“There is no sale and transportation; the cashless policy of the Federal Government really affected farmers.

“As a cassava farmer, whether you like it or not, once it is time to harvest your cassava, you must harvest it, you cannot not leave it longer than necessary or else, you will lose it.

“We are looking at our market on the ground and we are not selling them and they are going bad because we cannot keep garri for too long,” she lamented.

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Francis-Fagoyinbo said that the price of garri had increased due to the naira redesign policy.

“Smallholder farmers rely on the profit they make on their produce and turn it over.

“We also paid a lot to manual workers on our farms, we have to buy money to pay them cash because they don’t accept monetary transfer.

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“At the end of the day, everything was a waste, what we paid double for, we could not sell them.

READ ALSO: Cash-induced Recession Imminent, Experts Warn As Naira Scarcity Persists

“Right now, the price of garri is going up and not coming down because they have made great losses in the past.

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“We were buying money to operate our farms so it has affected us.

“Right now, the Federal Government should come up with a programme that will at least assist the farmers.

“Government should empower us with inputs, chemicals, fertilisers and tools,” she said.

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Mrs Latifat Ajani, a fishery and crop farmer, said the policy and its implementatiom should be properly studied before reintroducing it.

It was a very serious issue for my family and I. There was no business or market during the period and I lost some of my fish in the process because fish cannot stay long.

“I was able to survive through the help of my children, there was no sale, my money was trapped with customers and in the banks.

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“It was not a good experience for me because I could not buy feeds to feed the fish, transfer was not going through, everything was a disaster. So, I lost many of my investment in the process.

“Government need to support and compensate us for all our losses,” she said.

PUNCH

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NNPCL Raises Fuel Price

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The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

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At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

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Most of the NNPC stations were not dispensing fuel.

 

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CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

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The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

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Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

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“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

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READ ALSO:FG Records N7.34tn Fiscal Deficit In 11 Months – Report

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

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To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

READ ALSO:CBN, UBA, Others In Benin Given Ultimatum To Remove Their Buildings Or Be Demolished

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ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

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READ ALSO:Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

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The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

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Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

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The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

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Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

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Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

READ ALSO:UK Stock Markets Plunge In Biggest Daily Fall Amid Trump Tariff

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

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Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

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