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Foodstuffs: Nigerians face price surge amidst CBN plan to redesign Naira

Nigerians have reacted to the increasing price of foodstuffs amidst the Central Bank of Nigeria, CBN, plans to redesign Naira notes. A marke...


Nigerians have reacted to the increasing price of foodstuffs amidst the Central Bank of Nigeria, CBN, plans to redesign Naira notes.


A market survey conducted by Daily Post shows that the price increase is evident in all classes of foodstuffs in markets.


Speaking with some of the food traders and consumers in Gujungu, Shiwarin, and Ringim markets, they said the price increase is largely triggered by the flood disaster across the country and the CBN plans to redesign Naira notes.


They said that the prices of food items skyrocketed within a few days.


The Governor of the CBN, Godwin Emefiele recently announced plans to redesign and release new Naira notes by 15th December, 2022.


The CBN said the aim is to control currency in circulation, curb counterfeit currency, and ransom payments to kidnappers and terrorists.


Some of the foodstuffs dealers said they have experienced a shortage of food items due to higher demand, which also led to price increments.


“A bag of Millet which was sold at N22,000 is now sold at N27,000, and a bag of maize which was sold at N17,000 is now sold at N22,000.


“A bag of Soya beans which sold at N24,000 is now sold at N34,000,” they lamented.


The concerned traders said the recent price hike may not be unconnected with CBN’s plan to change Naira notes, noting that those who don’t want to take their money to bank, troop into markets and purchase the foodstuffs in bulk.


“Most of those who cannot take their money to banks out of fear are now using the money to buy and hoard foodstuffs,” a trader stated.

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