Do you long for the fresh smell and touch of newly-minted naira notes, but can’t find any?
Do not despair. If you live in Abuja or its vicinity, Dei-Dei market is the answer.
New notes are scarce and that is why questions are often asked by some concerned Nigerians regarding what could be responsible at the banks. Clearly, and going by the volumes of money displayed by these hawkers at various locations in the FCT, it has nothing to do with Central Bank of Nigeria’s policy to engender a cash-less society.
In the past few months, many have wondered why banks no longer pay customers with new notes. Some have even suggested that they are probably no longer being produced due to the cash-less policy. However, findings by this correspondent have shown that these notes will continually remain scarce at the banks for as long as those hawking them on the streets have access to them through a special arrangement with some banking officials. No doubt, these hawkers make huge profits from the sale as many Nigerians rush to buy from them.
For example, at the Dei Dei market, these crisp notes are usually on display like normal wares. The hawkers usually stand at strategic positions along the Kubwa-Zuba Expressway. They have a special way of attracting customers as they flip their fingers in the air suggestive of the traditional way of counting or spraying money, to pass their message to customers. They can also be identified with their polythene bags or the common Bagco bags which are often filled with new notes.
Though they do not have specific work routine, these hawkers, mostly agile youths, are usually seen on the road between 6am and 6pm.
Abuja Review sought to find out who the major customers are, where, and how the notes were procured, what the exchange rate is and the challenges thereof.
One of the traders, Biliya popularly called Billy from Katsina State, explained that the job is tasking but quite rewarding considering the percentage they charge on the notes depending the denominations and amount to be exchanged.
He spoke in pidgin English, noting: “You no fit get N100 new notes with N1000, we no dey do am. Na only from N5000 we dey change if na N100 you want. Anything wey small pass N5000, we no dey change. For N50 too, the least one can get is N5000 because it makes a bundle and to get it, an extra N1500 is paid, i.e. you give me N6500 old note to get N5000 new note.
”As for N20 and N10, the least one can get is N1000 and to get it, one has to forfeit N300. One pays N1300 to get N20 or N10 new note worth N10000.
For N5, one gets a bundle which is N500 for N750.
Vouching for the authenticity of the notes, Billy said: “No fake o. This is real money. E get number and na from bank. Na correct money. People no dey complain, if they complain, we no go dey do this business again. We never get experience of fake money. Police no dey disturb us because my Oga don register for CBN and we dey exchange dollar too. The registration is for both dollars and new naira notes”.
Furthermore, he explained that it was not in his place to know where his boss gets the news notes from, noting that as far as the chain of supply is not broken, there was nothing to worry about.
One of the customers who offered to speak with Abuja Review at the market, Mr. Olugbenga Ilori, justified his preference for the notes especially when attending a party.
”I must say that most people love new notes. It confers a kind of prestige on one. Basically, it places you in a status and boosts your ego. While you are spending it, you are excited.
“It is unfortunate that it is scarce in banks. They don’t give unless you are a recognised customer with fat bank account with them.”
Also speaking on the love for new notes, Tijani Ahmed said, “In as much as I love new notes, I don’t think I will go the extra mile to get it. New or old note, the most important thing is the value. If the value does not depreciate no problem.”
Temitope Ajewole, who also admitted her love for new notes, said: “New notes make one feel good because it is fresh from the company and not many dirty hands would have touched it. The feeling that it is clean and new is okay for me even if it is N5.
“Take, for instance, if I have new and old note in my wallet, I would prefer to spend the old one and keep the new one simply because it makes me feel good.”
Whether these notes make people feel good or not, a big question still hang over the scarcity of the notes in banks. While the Nigerian Security Printing and Minting Company Ltd, the organisation saddled with the responsibility of the production of bank notes and coins, has declared an increase in the volume of production from 2 million notes per week at the initial stages to over 40 million notes per week, it is clear that these notes are hardly dispensed to those who need them at the banks. It is still a mystery that they somehow flow on the streets and traded like any common wares.
