Residents of Okitipupa, in Ondo State’s Okitipupa Local Government Area, appeared to have found solace in Hausa traders in the town’s Sabo Market, where they now exchange their old naira notes for foodstuffs and condiments.
According to media reports, traders and commercial motorists in the town began rejecting old N500 and N1,000 notes immediately after President Muhammadu Buhari’s address on Thursday, with only N200 remaining legal tender until April 10.
A journalist’s visit to Sabo Market in Okitipupa on Friday revealed a large crowd of residents openly exchanging old N500 and N1000 notes for items such as rice, beans, tomatoes, pepper, and onions, among others.
According to reports, Hausa traders, in turn, raised the prices of their foodstuffs, with a rubber of rice and beans that used to cost N1,500 and N800 now costing N2,500 and N1,500, respectively.
Similarly, the prices of peppers, tomatoes, and onions, which were previously sold for between N200 and N300, have now been raised to between N500 and N800.
Alhaji Amidu Abubakar, a Hausa rice trader, said he sold more than seven bags of rice between Thursday and Friday, and that residents were flocking to the market to exchange old naira notes for food.
“My sales have increased since yesterday because residents here are no longer collecting old notes, and we are still collecting because it’s Nigeria money,” Abubakar explained.
Mr. Kabiru Muhammed, a bean trader, said he had sold eight bags of beans since Thursday and was surprised by the crowd that suddenly descended on the market yesterday (Thursday).
“I’ve sold eight bags of beans since yesterday,” he said, adding that the price of rubber is N800 if you have new notes, but N1,500 if you have old notes.
Another Hausa condiment trader said his pepper, tomato, and onion sales had increased, and he was pleased with the increase.
Mrs. Rebecca Korede, a resident, said she heard from her neighbour that Hausa traders were still collecting the old notes, in exchange for foodstuffs, and that since she still had large amounts of the old notes, she had to patronize the Sabo market.
“I still have a large number of old notes and our Yoruba market women no longer collect the old notes, so I have to patronize 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, do I have any other choice? I have to patronize Sabo market 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 reason along and take a bold step like their Hausa counterparts on the issue of the old notes so that the frustration would not degenerate into further protests.
