Weak Naira killing cattle business – Mubi Emirate

The Federal Government has been called upon to intervene and rescue the largest cattle market in West Africa from collapse due to weak of naira exchange.
The Sarki Tuke of Mubi Emirate in Adamawa State, Alhaji Rabi’u Ali, made the call in an interview with News Agency of Nigeria in Mubi on Saturday.
Ali said the emirate is worried that the rate of naira exchange with the neighbouring countries’ CFA was threatening the cattle business in the country.
He said that presently, Cameroon CFA was being changed at a rate of N750 as against N300.
According to him, the development is seriously affecting the market.
Sarkin Tuke is one of the oldest traditional title found in the Northern part of the country.
It means the Head of cattle market.
Ali explained that the Mubi cattle market was the biggest cattle business centre in West Africa, where five countries supply cows on daily basis.
According to the leader, the Central Africa Republic, Chad, Sudan, Cameroon and Niger Republics are the major suppliers of cattle into the market.
Tuke said: “On daily basis no less than 40 to 50 trucks load of cattle leave this market to southern and other parts of the country.
“But our major challenges are ramparts extortion of cattle dealers on major highways from North to the South and the value of naira exchange to the CFA.
“Because, 70 per cent of the cattle come from our neighbouring countries.”
Sarki Tuke said that the situation had pushed some of the dealers out of the business while some had increased the cost of the commodity at the detriment of their customers.
Ali equally observed that the development is threatening the business as whole and appealed to the government to intervene.