Alhaji Musa Piro, the leader of the Bauchi Cattle Market, has narrated how a fraudulent buyer paid N4000 instead of N400,000 for two cows amidst the ongoing naira scarcity which has crippled transactions in the market.
He spoke as dealers in cattle in Bauchi are lamenting the negative consequences of the scarcity of the old and new naira notes on their business.
Piro, who noted that cattle trade operates on a cash-and-carry basis, said some traders have been duped with fake transfer, citing an instance of a fraudulent buyer who transferred N4000 to a seller instead of N400,000 after buying two cows.
“Cattle rearers and breeders who bring the animals from villages for sale only accept cash.
“They don’t have bank accounts or devices to opt for internet banking, and even the account holders are not comfortable with e-payment platforms.
“Payment through electronic platforms has negatively affected business activities in the market.
“Cattle trade requires huge sums of money, and epileptic network is making internet banking and e-payment difficult, this made the trade less attractive,” he said.
“We had a bad experience of money transfer at Mararaba Liman Katagum market, two cows were sold at N400,000.
“And the buyer paid only N4,000 as against N400,000 to the middleman through e–payment platform.
“He left without a trace,” he said.
This, he said, made the traders jittery and reject money transfers as well as other alternative payment systems to guard against losses.
Piro recalled that about 25 trucks of cattle were being transported daily from the market to other parts of the country before the implementation of the cashless policy.
Another trader, Abubakar Gidado said cattle owners rejected money transfers and preferred transactions in cash.
He said the trend resulted in a crash in cattle prices in markets across the state.
“Both buyers and sellers are demanding cash, and not everybody knows how to do money transfer.
“We are facing a difficult situation and the market condition is bad owing to naira scarcity,” he said.
He urged the Central Bank of Nigeria (CBN), to adopt practical measures to end Naira scarcity, to encourage trade and protect them from losses.
A check by the NAN at Kasuwar Shanu market in the Bauchi metropolis on Sunday showed that the development has negatively affected cattle trade in the area.
The market which served as a transit point for transporting cattle to other parts of the country witnessed a sharp decrease in transactions due to naira scarcity.
NAN’s check showed that a few cows were brought to the market weekly as against about 1,000 before the currency swap policy.
