Nigerian women are seizing the opportunity to make some profit from selling their gold as the naira crashes against the dollar in the parallel market
Women besiege gold shops at Kaduna market as prices go up
Several women in Kaduna have besieged the gold sellers section of the Kaduna Central Market as the price of gold per gram rises to N10, 500 as against the N8,000 old price due to the continuous tumble of the naira against international currencies.
Nigeria’s official currency has lost 40 per cent of its value at the parallel market, a rate never seen before and individuals are taking advantage of this to get rich through the sale of gold.
According to Daily Trust, most women have suddenly dusted their different gold jewelry sets and are selling them off, a situation that caused shortage of money as the gold sellers ran out of cash due to the influx of women to sell their gold sets.
Alhaji Rabiu Ismaila Funtuwa of Nana Khadijah Venture said the old price for selling was N8,200 while buying was N9,000. He attributed the rush to sell gold to the increase in the price of selling to N10,500 and buying N13,500.
“We have received so many women in the market in the past few days due to increase in the price for selling. I just hope they make good use of the money. If they are going to help themselves by buying houses or plots of land, it will go a long way in easing their problems and that of their families,” he said.
Another gold seller, Alhaji DanBorno said, “I have bought over 20 sets of gold from different women who came to sell because the price suddenly went up last week.”
He said, “Even though it is not my business what they would use the money for, I tend to advise them on the judicious use of the money otherwise, they will just sell the gold and squander the money.
“A lot of them confided in me that they want to either buy a plot of land or finish their uncompleted buildings which, to me, is a good initiative because they would have lifted a huge burden off their husbands,” he said.
Hajiya Jamila Ayuba who came to sell her gold jewelries at the market said, “I quickly rushed to the market to sell my gold so that I can finish my house which I have been unable to complete since the death of my husband.”
Another woman, Mrs. Elizabeth Sunday also seen trying to sell her gold said, “I have been trying to change my old gold for a new design, but I have never had money to do so and that is why I am using this opportunity to change it and even get some extra cash to take care of some unfinished businesses.”