Bumper Times for Gold, Grain Traders as Nigeria Redesigns Its Currency
- Nigerians have six weeks to turn in old currency notes
- Central bank plan causing rush to turn illicit cash to assets
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Sadi Babalolo sorted through gold baubles and necklaces in the showcase of his small shop in the main jewelry market in Kano, explaining how business had boomed since Nigeria’s central bank announced a plan to replace old currency notes.
“We have seen a lot of demand for gold in the past few weeks simply because many people are afraid to take their money to the bank,” he said.