Following the Federal Government’s decision to redesign the Naira, exert more control over the amount of cash in circulation, and thwart the stockpiling of currency by criminals, FEAR of the unknown now governs traders and purchasers in many sections of the country.
However, some “money bags” and astute businessmen are allegedly snatching up available livestock and food items from major markets in the country’s northern borders with other countries and warehousing the stock with the pretense of selling the stock at higher prices once the new Nigerian currency hits the market as that lofty program goes into effect in the second week of December this year.
It was discovered that the actions of the money speculators had already contributed to a marked increase in the cost of food and animals at the marketplaces that an Arewa Voice correspondent surveyed. It was discovered during a visit to the Mamman Suka Market near the Sokoto border with a country in northern Africa that the development has seriously harmed rural residents, who are no longer able to afford to acquire their essentials and provide for their family. Since many families are struggling financially, this has led to increased suffering, hunger, and desperation.
A reporter for the Arewa Voice observed a significant buyout of cattle and other domestic animals from the border market in Sokoto by businesspeople who flooded the market in buses and big trucks and essentially bought everything they saw. A two-week-old lamb, which is typically sold for N4,000, was purchased off at N15,000 as a result of the cleaning up, while a goat of the same age, which was previously sold for N4,000, was sold for N14,000.
Similar to this, a can of vegetable oil was sold for up to N30,600 instead of its typical N22,000 price. The current rush to swap cash for valuables has dramatically raised prices and made it possible for merchants to return with the same things and collect more money in the newly formed currency. But the adverse consequences have been felt by the typical trader and buyer at the market, and many have expressed their displeasure at the level of difficulty caused by the speculators’ actions.
Malam Yahaya Illela, who spoke about the growing costs of goods in marketplaces across the state, charged that the Federal Government caused unnecessary suffering for the average Nigerian by delaying the necessary monetary policy reform till now. Rich urban men who held the old currency have taken over our marketplaces, buying anything they can get their hands on in order to increase their wealth at the expense of the local population.
“Imagine the situation in which we now find ourselves: we cannot even buy a staple like beans. One can hardly find enough beans to buy from our local markets because of speculators who mop up every available quantity with long, big trucks. Others go to the farm to buy anything the farmer harvests. This is worrisome, but we are handicapped. It is so bad that a Mudu (measure) of beans, which we bought for N800 three weeks ago, is now being sold for almost N2000.
“Everything is now beyond the reach of the common man, and we can no longer provide three square meals for our families due to the skyrocketing prices of foodstuffs in our markets and the fact that the ‘moneybags’ are becoming so desperate to spend whatever amount is in their hands before the expiration of the time frame for the return of the old Naira notes for the new ones being redesigned by the CBN,” Illela complained.
Similarly, 73-year-old housewife Rabi Basharu characterized the circumstances in the nearby marketplaces as intolerable and out of control.
She said: “I am here with N1200 to buy two Mudus of corn to prepare for my four young children, but they say it is now N800 per measure. It is difficult for me to buy at that amount because it will not be enough for my children; but there is nothing that I can do about this. It is simply worrisome.
“I feel like crying because I have no money on me and in the house. Maybe they want us to die before our time comes. May God touch this government to take steps that will be beneficial to us, the ordinary people in this country, and reduce our suffering.
“As old as I am, I spent hours voting in the 2015 general election, hoping that when the government came, they would address some of the fundamental challenges that we face, but we were wrong. Life has been made more challenging for the ordinary citizens of this country. In my village, bandits took away all our animals and killed some young people who tried to block them. My husband was also killed during the invasion by the daredevils, leaving me with the four underage children. Feeding them is my major problem; sometimes I have to meet our village head for assistance,” Rabi added.
In response, Alhaji Muazu Bello Magajin Rafi, the chairman of the Sokoto State Chambers of Commerce, Mines, and Agriculture, branded the proposed currency redesign as an afterthought and claimed that it was too late for the policy to save the average man from currency speculators. According to him, if not handled properly, the redesign might make things worse for the average person while giving speculators more reasons to smile at their banks.