Here’s why Nigerian women are rushing to sell their gold
After significant increase in the price of gold, Nigerian women are dumping their jewellery before buyers in exchange for the naira.
Gold merchants in the northern state of Kaduna say they’ve bought so much gold in the past week they’ve ran out of money.
Kaduna Central Market gold merchants quizzed by Daily Trust said the price of gold per gram has risen to N10, 500 from N8,000.
The free-falling naira is responsible for 31% surge in the price of gold, reports say.
Nigerian women are capitalising on the situation for various reasons.
“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,” Jamila Ayuba said after exchanging her gold jewellery for the naira.
Elizabeth Sunday has a different reason for joining the rush:
“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.”
Gold merchants say they hope the women would indeed put the added cash to good use.
The extra naira may, however, be worth little if spent on imported goods. And that’s also because the naira, which President Muhammadu Buhari said he’s not ready to devalue, is in falling at the parallel market..
