Naira Notes Business Booms In Benin City

Hawking of crisp naira notes, hitherto a popular business in Lagos, is now the latest business in Benin City, the Edo  State capital, The Tide’s source reports.

The source slated  that the notes, usually in low denominations, are displayed at strategic points within the King’s Square axis of Benin City.

A check by the source revealed that like in Lagos, the denominations in high demand are N5, N10, N20 and N50 notes.

One of the dealers, who preferred anonymity, told the source  that the notes were sold on commission.

“It depends on how a buyer negotiates, but it is usually five or 10 per cent commission per N500 or N1, 000 transaction.

“Most people prefer the lower denominations because they are mostly used as gifts to celebrants during ceremonies.

“ We sell genuine notes, not fake or counterfeits because we source them from banks,” he said.

Efforts to get bank officials to comment on the trend proved abortive.