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Housewives Lament As Tomato Prices Soar

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Some housewives in the Federal Capital Territory, Abuja on Sunday said they have ditched tomatoes for their stews and other sauces as cost skyrockets.

The residents, who made this known in an interview with the News Agency of Nigeria, said they have resorted to using garden eggplants and carrots in their stews.

They said garden egg, called “ganyen gauta” in Hausa, “igba” in Yoruba, and “anyara” in Igbo, could blend very well with rice in the same manner as tomatoes.

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Others said they were exploring pumpkin, pawpaw, or traditional soups like white soup and palm fruit soup popularly called banga soup in place of tomato stew.

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Mrs Jumai Amodu, a mother of five, said a week without rice with tomato stew was unfulfilling for her and the family.

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She said rice with stew was a regular on their menu, adding that “there is an unexplainable satisfaction that comes with taking cooked rice and stew.”

The mother of five, however, said with the scarcity and high cost of tomatoes, her family was exploring garden egg stew.

Amodu said, “Since tomatoes became very expensive, we decided to use garden egg for stew and it is as sweet as tomato stew.

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“The only major difference between garden egg stew and tomato stew is the colour.

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“We also use pumpkin stew with rice sometimes and although it has its unique taste, it blends well with rice.”

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Mrs Helen Omo, a businesswoman, said although tomato stew was an important recipe in almost all homes in Nigeria, its scarcity had made some Nigerians think of alternatives.

“I went to the market yesterday to get some tomatoes for stew and a sizeable bushel, which costs between N2000 and N2500 was being sold for as much as N6500.

“I did not bother to haggle the price because it was way beyond my budget,” she said.

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Mr Chinedu, an entrepreneur, told NAN that he enjoyed taking rice with pepper soup or white soup.

The prices of all foodstuff have gone up but that of tomatoes is outrageous probably because it is tomatoes off-season.

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“Besides being expensive, it is very scarce and as a result, we decided to explore other recipes,” he said.

Umar Adamu, a tomatoes retailer in Nyanya market in the FCT, said he had stopped retailing tomatoes for some days due to low patronage.

He said customers were not “patronising him because of the high cost.”

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Mrs Rukkaya Umar, Chief Executive Officer, Abraks Farm Produce Nigeria Limited said the primary reason for the scarcity of tomatoes was the high cost of fertiliser.

According to her, many tomato farmers do not grow it because they cannot afford fertiliser, adding that fertiliser was critical to its growth.

Umar also said reliance on seasonal farming was one of the reasons for the scarcity, adding that it was tomatoes off-season.

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“Most farmers in Nigeria still do seasonal farming and that is contributing greatly to scarcity of farm produce particularly in their off-seasons,” she said.

NAN reports that a sizeable basket of tomatoes which hitherto sold for about N10,000 now sells for about N35,000 while big baskets cost more.

NAN

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CBN Sets POS Maximum Transactions In Fresh Guidelines

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The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

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The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

READ ALSO:CBN Establishes New Unit To Tackle Financial Crime

CBN noted that the guidelines would take effect from April 1, 2026.

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“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

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“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

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Naira Records First Appreciation Against US Dollar At Official Market

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The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

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READ ALSO:Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

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The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

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SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

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Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

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According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

READ ALSO:SEC Warns Nigerians Over AI-generated Investment Scams

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

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“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.

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