Naira Scarcity: Poultry Farmers From Jos, Other States Move To Abuja To Sell Eggs At 50% Discount

Poultry farmers in Nigeria have slashed the prices of eggs by half as the country’s cash scarcity has led to low patronage for their goods.

Their decision is hinged on the cash crunch resulting from the withdrawal of over N2.2trn from circulation by the Central Bank of Nigeria.

Currency in circulation in Nigeria dropped to N982.09bn in February 2023, according to a CBN data seen by THE WHISTLER.

This has forced most households and businesses to adopt cashless payments.

Eight days ago, the Poultry Farmers Association of Nigeria (PFAN) revealed that the cash scarcity has cost it’s members N30bn worth of eggs due to low patronage.

The lifespan of eggs is around 90 days and poultry farmers are coming from different states to Abuja to look for buyers.

THE WHISTLER found that some traders are offering as low as N1,200 for a crate of egg that cost N2,500.

At Karu and Nyanya markets respectively, THE WHISTLER observed that prices of eggs fell swiftly as farmers brought in crates of eggs in hundreds seeking and pleading for buyers.

Some of the farmers came from Plateau State which is about 272KM from Abuja to sell their goods.

Ishaya, a poultry farmer who came to Karu Market in Abuja from Plateau lamented that the first quarter of 2023 has been the most difficult since he ventured into poultry farming.

Ishaya said “I have never experienced this type of loss before, I have lost roughly N250,000 because of cash scarcity.

“People are not even interested in buying eggs, currently, it is the least of their problems. How can you buy an egg when you do not have cash, not everyone will have the patience to transfer 200 or 300 just to buy egg.

“Sometimes if they decide to transfer, the network will frustrate them and they will leave, this is why I traveled all the way here to sell my goods, at a 50 per cent discount.

“Maxi eggs that I use to sell for N2,500 per crate, I am selling now for N1,200, I don’t have a choice, because they are willing to buy.”

Ishaya has over 500 birds in his poultry back in Jos, he said.

For Abuja traders, the losses encountered by farmers have turned out to favour them.

Traders who spike to THE WHISTLER said they have been buying eggs at the rate of N2,500.

But they now buy from the farmers at either N1,200 or N1,300.

Ijeoma Charles, a trader at Karu Market said she bought 20 crates of eggs for N24,000.

She admitted that before now, the amount could only buy 10 creates.

She said, “I bought twenty crates of eggs for 24,000, this amount could not buy ten crates as of last week Tuesday because we usually get a crate for N2,500.”

Another trader at the Nyanya Market, Emmanuel Seyi said he purchased eggs for N1,300 per crate.

According to him, the naira crunch has helped crash prices of goods.

Seyi said “Our distributors came today, and they were begging us to buy, on Thursday they were here, barely 48 hours we saw them with their van filled with eggs. Business is bad for them but good for us, I cannot remember the last time I bought eggs this cheap.”

Elsewhere, traders in Enugu are having similar experience.

At the New market and New Artisan Market Enugu State, the price of a crate of egg fell by 50 per cent from their actual price within a space of ten days, traders said.

At the artisan market and other locations in Enugu, 30 pieces of egg fell to N1,500 from the N3,000.

At the second Monetary Policy Committee meeting of the CBN, the apex bank’s governor, Godwin Emefiele, had said that prices of goods across the country are gradually moderating due to the naira redesigned policy and mopping up liquidity from the system.