Nigerian farmers have been among those hit the hardest by the problems associated with the naira redesign policy and currency scarcity. After returning the cash on hand to the banks, they found it difficult to access new notes for daily transactions. Many farmers require cash to pay labourers employed to cultivate the farm or harvest crops, as they only accept cash. Farmers also have loans to settle and find it difficult to accept transfers to their accounts as they feel it would be difficult to get the cash to the creditors. This has forced them to sell their produce at a reduced price to prevent complete loss even after spending high on inputs. Fertilizer prices have not come down in Nigeria even as Natural gas prices have dropped globally by about 80% so farmers still pay a lot to get fertilizer even though there are 3 major fertilizer companies in Indorama, Dangote, and Notore. With the possibility of prices of commodities dropping down as farmers try to clear out stock before they get spoilt, Nigeria could witness a drop in the number of farmers in the country as they look to other income-generating sources, thus making it more difficult to meet the self-sufficiency goal for the country.
