President Muhammadu Buhari
By Ambrose Ologide, Warri
President Muhammadu Buhari’s broadcast on naira redesign ignited panic buying with the outlawed 1000 and 500 naira notes by residents of Warri who had the said currencies when the broadcast was made .
The popular Igbudu Market recorded such panic buying by desperate residents who gladly gave out their banned currencies to shylock traders at a great loss .
Such transactions were in foodstuffs and other perishable items.
A basket of rice that used to sell for 3500 naira was sold for 5000 naira and above.
It was a boom for provision sellers as they sold at very exhorbitant prices to buyers with the said naira notes.
The shout of ” I dey take old money ” was common among some risk takers traders in the market.
It was also a boom for pump attendants of most filling stations who sold tartared 50 , 100 and 200 to operators of POS who in turn sold at higher prices to desparate residents.
Some shylock POS charged as high as 2000 naira for 5000 naira with impunity.
There was however jubilation among residents when it was reported that the Central Bank has ordered some designated commercial banks to accept deposit of the old 500 and 1000 naira notes.
Meanwhile all the commercial banks monitored were closed for business at as the time of filing this report.
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