Taraba: Prices of grains, animals up as traders accept old notes

Prices of grains and cattle went up on Tuesday at Iware weekly market in Taraba State as old naira notes were in circulation. 

City & Crime reports that the old notes were accepted by traders in the market, which operates every Tuesday.

 This, our reporter learnt, had led to an increase in the prices of both grains and animals in the market.

Last week, grains and cattle were sold at relatively low prices because of cash crisis but the situation changed this Tuesday as old notes were accepted in the market.

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A 100kg of maize sold at the rate of N14,000 on cash payment last week  was sold at the rate of N17,000 yesterday. 

A 100kg bag of paddy rice sold last week at N16,000 on cash payment was sold at N18, 000.

Findings also revealed that a big cow sold at N270, 000 on cash payment last week now attracts the sum of N320,000.

Some of the traders told City & Crime that the acceptance of old naira notes in the market had improved business activities. 

A trader, Sani Faruk, told our reporter that in previous weeks, there were few buyers because of cash scarcity, which forced down prices of goods at the market.

 He said both grains and cattle dealers came to the market with old naira notes yesterday and were accepted leading to increase in the prices of items in the market.