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Naira redesign: Ondo residents swap old notes for foodstuffs



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Naira redesign: Ondo residents swap old notes for foodstuffs
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Residents of Okitipupa, in Okitipupa Local Government Area of Ondo State are now swapping their old naira notes for foodstuffs and condiments at the popular Sabo Market in the town.

The News Agency of Nigeria reports that traders and commercial motorists in the town began rejection of the old N500 and N1,000 notes, immediately after President Muhammadu Buhari addressed on Thursday.

A visit by NAN Correspondent to the market on Friday, showed residents, openly swapping their old N500 and N1000 notes for items like rice, beans, tomatoes, pepper, onions among others.

NAN also reports that the Hausa traders used the opportunity to increase the prices of their foodstuffs, as a rubber of rice and beans formerly sold for N1,500 and N800, now cost N2,500 and N1,500 respectively.

In same vein, the quantities of pepper, tomatoes and onions, hitherto sold for between N200 and N300, have now been increased to between N500 and N800.

Alhaji Amidu Abubakar, a Hausa rice trader said he had sold more than seven bags of rice since Thursday following the swapping of the old naira notes for foodstuffs by residents.

“My sales have increased since yesterday because residents here are no longer collecting the old notes and we are still collecting, because it’s Nigeria money,” Abubakar said.

Mr Kabiru Muhammed, a beans trader, said he had sold eight bags of beans since Thursday, saying that he was surprised at the crowd that suddenly began to besiege the market.

“I have sold eight bags of beans since yesterday, the price of a rubber is N800 if you have the new notes, but it is N1,500 for old notes,” he said.

Another Hausa condiment trader also said his pepper, tomatoes and onions sales have increased, saying he was happy for the turn-over.

Mrs Rebecca Korede, a resident, said she was informed by her neighbour that Hausa traders were still collecting the old notes, in exchange for foodstuffs, and that since she still had large amount of the old notes, she had to patronise Sabo market.

“I still have large amount of old notes and our Yoruba market women no longer collect the old notes, so I have to partronise Hausa traders at Sabo Market to exchange some part of the old notes for foodstuffs, so I don’t lose on both sides.” she said.

Another resident, Mrs Modeola Ajayi also said she preferred swapping the old notes for foodstuffs, rather than wasting the large chunk of the old notes she still had at hand.


“Although, these Hausa traders have increased the prices of their goods, but do I have any other choice? I have to patronise Sabo market in order to relieve me of the frustration concerning the old notes,” Ajayi said.

Mr Olusegun Adeyi, another resident also said that the Yoruba traders should also take a bold step like their Hausa counterparts on the issue of the old notes.


Source – NAN

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