Nigerian poultry farmers blame CBN's Naira policy for industry's ?200bn loss

The introduction of the new ?200, ?500, and ?1,000 banknotes by the apex bank in October 2022 marked the first announcement of the CBN naira redesign policy.Following the Central Bank of Nigeria's (CBN) naira redesign strategy, which disrupted daily and commercial activities in the first quarter of 2023, Nigerian chicken producers are still tallying their losses.The Poultry Association of Nigeria (PAN) estimates that around ?200 billion was lost during that time as a result of the difficulties faced by poultry producers, including the spoiling of eggs, rotting frozen chicks, and their inability to sell to consumers since the new naira notes were not available.He said, “The country was once bedevilled with the Central Bank of Nigeria currency redesign policy which saw poultry farmers not being able to get the new Naira notes to buy raw materials, and above all farmers were unable to sell their products of egg and chickens. This development led to the destruction of eggs and rotten frozen chickens in excess of ?200 billion without support and compensation from the government or otherwise.”