Business
Eid-el-Kabir: Epe Residents Lament High Cost Of Livestock
As Nigerians prepare for next week’s celebration of Ei-el-Kabir, the residents of Epe in Lagos State have lamented the high cost of livestock, The Tide source reports.
A check by a Correspondents of NAN source shows that while livestock sellers have decried low patronage, customers on the other hand say the cost is high.
The Tide source observed that though the livestock are available at the popular ram markets at the Oke-Oyinbo and T-Junction in Epe respectively, sellers are complaining of low patronage.
Mr Waheed Alaka, a buyer at T Junction Cattle Market, expressed his displeasure over the ridiculous prices of ram this year.
Alake, who said that Muslims this time last year, had started buying rams and keeping in their homes for the Sallah celebration, however, noted that the reverse was the case this year.
“There are lots of livestock available for sale but because of high cost,there is low turnout of buyers.
“I wish as Sallah draws closer, the sellers will reduce their prices,” he said.
Another buyer, Saheed Lawal, expressed optimism of a reduction in the cost of ram when more rams flood the markets in days to come.
“The competition is low for now. By the time more livestock dealers bring more rams to the community, I believe the prices will fall,” he said.
Yet another customer, Mr Kabiru Hassan, told newsmen that the size of a cow that sold for N120,000 last year, now sells for as much as N180,000.
“I came to the market to buy one cow and two rams. But unfortunately, the money I have can only afford one cow.
“I wish something urgent can be done to regulate the prices of livestock in the market,” he said.
Mrs Toyin Aladesanmi, a buyer, who expressed her disappointment at the astronomic price of rams at Oke-Oyinbo livesstocks market, saying the market had been highly recommended because of its relative cheap prices.
“A friend of mine recommends this market to me. That live stocks are relatively cheaper here but on getting here, it is another ball game entirely.
“As you can see the size of the ram I have just purchased for N75,000, the same size sold for N50,000 last year, she said.
The Chairman, Cattle Dealers Association at Oke-Oyinbo Market, Alhaji Abubakar Danyaro, attributed the high cost of livestock to the current economic hardship in the country.
According to him, the small, average and big rams this year are selling at N70,000, N80,000 and N110,000 respectively, as against N50,000, N55,000 and N75,000, they sold for the previous year.”
He adduced reasons for the hike in the prices of ram to the flooding that affected livestock in some parts of northern Nigeria.
“We too buy the livestock from the farmers in the North. The amount we buy them determines the amount we sell and vice versa.
“We incur lots of expenses and we have to add it to the price of the rams. Transportation cost and others are not friendly too, “ he said.
He said that a cow that used to sell for N130,000, now sells for between N150,000 and N170,000.
He added that many of the livestock are brought from Niger Republic.
“People are complaining of the hike in price, but they must understand that we didn’t buy them cheap.
“So, there is nothing we can do but pray that things improve in the coming days,’’ he said.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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