The prices of cattle have crashed in Taraba State as a result of a lack of new and old naira notes.

The development, according to our findings, has affected cattle markets in the state.

The Iware Cattle Market which functions every Tuesday was seriously affected last Tuesday as only a few cows were sold due to a lack of both new and old naira notes.

City & Crime learnt that over 1,000 cows were brought to the market in the early morning of Tuesday but as at 4pm only about 40 cows were sold.

Stakeholders said the cattle markets in the state-operated on “cash and carry” basis, but that most of the cattle merchants came to the market without much cash yesterday.

It was learnt that those that brought cows to the market rejected cash transfers and demanded raw cash.

The development, it was gathered affected business in the market, resulting in the crash of the prices of the animals.

Muhammad Dojjo, one of the marketers, told City & Crime that the prices of cows crashed because of the absence of naira notes

He said there was a shortage of both new and old naira notes in the hands of cattle merchants.

He stated further that a cow which was sold for N400,000 a few weeks ago was yesterday sold for N300,000.

He noted that the situation was the same in all the cattle markets across the state.

Mayng01:
Apc government & its dull policies. Smh

Treasure17:
Those responsible for the emergence of Buhari in 2015, 2019 and still stupidly campaigning for APC. Aye yin ma ba je ni.

thebosstrevor1:
It is expected.

Naira redesign will adversely affect transactions in the agriculture sector because this sector is heavily dependent on cash. Due to the scarcity of the new banknotes, many farmers will have insufficient cash to purchase seeds, fertilizers and pesticides needed for the plantation of crops. The shortage of cash might lead to plunging in demand which in turn led to a crash in the prices of crops and animals . Farmers will be unable to recover even the costs of transportation from their farms to the market from the low prices offered.

thebosstrevor1:
It is expected.

Naira redesign will adversely affect transactions in the agriculture sector because this sector is heavily dependent on cash. Due to the scarcity of the new banknotes, many farmers will have insufficient cash to purchase seeds, fertilizers and pesticides needed for the plantation of crops. The shortage of cash might lead to plunging in demand which in turn led to a crash in the prices of crops and animals . Farmers will be unable to recover even the costs of transportation from their farms to the market from the low prices offered.