Housewives Lament As Tomato Prices Soar

Published

2 years ago

July 3, 2023

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.

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.

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

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.

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

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

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.

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.

“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.”

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.

“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

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

4 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

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14 COOL FOREX BDC LTD

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24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

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52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

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56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

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69 ST. NICHOLAS GLOBAL BDC LTD

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71 TOPGATE BDC LTD

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76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

4 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

1 week ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.