The Naira swap coupled with the scarcity of the new notes is leading to a fall in foodstuffs across some Northern states.

Reports from some village markets in Kano, Jigawa and Kaduna are showing a reduction of about half or even more in the prices of grains and other foodstuffs.

Amina, a fura da nono seller (fura is made from millet and cow milk) told AllNews Nigeria that a bag of millet has dropped, making it easy for her to buy a whole bag.

She said the price has dropped to about ₦18,000 compared to its earlier ₦24, 000 price.

Amina however lamented that she cannot afford to buy more than one as the traders only accept cash.

In Bauta market of Jigawa State, the food prices have also dropped, with a mudu of rice selling for ₦1,300 cash and spaghetti being sold at ₦250.

In Katsina, the prices of maize, guinea corn, millet and beans have gone down compared to what was obtained about three weeks ago.

A grains seller, Haruna Abdullahi, told NAN that a bag of maize sells for about ₦19,000 in most markets now as against the old price of ₦24,000.

“A bag of guinea corn now sells at ₦14,000 and below, depending on the quality, whereas the old price was ₦18,000.

“Prices of food items are even cheaper in major markets like Dandume, Bakori, Danja and other grains-producing areas”, he said.

Another trader, Malam Nasir Isa, told NAN that a bag of millet, which used to sell at ₦24,000 now costs ₦20,000.

He added that a bag of beans now costs between ₦28,000 and ₦30,000, as against the old price of between ₦34,000 and ₦36,000, depending on quality.

Isa noted, however, that the majority of grain farmers would not accept electronic cash transfers from patrons.

“Very few enlightened farmers accept money transfers during transactions.

“The few ones that accept cash transfers sell the grains at higher rates.

“For instance, if the bag of grains costs ₦20,000 in cash payment, cash transfer will cost ₦23,000 and above”, he said.

The fall in prices results from people’s yearning to have cash in hand.

But in spite of the price decrease, grains sellers complained about low patronage as patrons are having challenges in accessing money from banks and from PoS operators.

Naira Scarcity: Food Prices Crash In Kano, Katsina, Jigawa

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