Business

Rising Cost Of Tomato: Households Adopt Weird Alternatives To Make Stew

Published

1 year ago

June 24, 2024

Nigerians are coming to terms with the rising cost of living, as everyday spews out new problems deserving a survival strategy.

One of such problems is the high price of tomato, pepper and onion.

These combos can’t be exempted from 80 per cent of Nigerian delicacies.

But now, it is no longer new that a N1,000 tomato consisting of five medium-sized pieces can not prepare a full pot of sauce for a household of three people for a week.

Vanguard found that many women have been struggling with various methods to complement rice, yam and other delicacies that are not complete without stew.

For Mrs. Gladys Maxwell, a tailor, she made use of N1,000 cucumber to complement her yam and rice sauce, after watching a presentation of such online.

“I have tried using cucumber to prepare sauce, just like tomato.
“I saw the demonstration on-line and followed the steps.

“I added fresh pepper and used palm oil to make it red in colour.

“It was good. My pot was full. Imagine replacing tomato sauce with cucumber mix.

“Cucumber is also vegetable.
“I had to tell a friend to adopt the strategy.

“I made my family to finish the meal before I revealed the combination that made the sauce on their rice. They were surprised.

“It’s good we try new things to survive in this country, because I doubt the price of tomato and peppers will come down soon.”

Mrs. Hannah Mayowa, a Point of Sale, PoS, agent, said she tried replacing tomato sauce with cabbage and beetroot.

“I was with a friend a few weeks ago. I complained bitterly about how I struggle to manage money to prepare tomato sauce weekly for my family.

“You know that many families in Nigeria, especially Lagos State, have this tradition of preparing rice and tomato sauce every Sunday.

“My family happened to fall into such a category.

“My friend told me to try cucumber or cabbage and beetroot stew.

“She sent the videos to me and I decided to do that of carrot and beetroot.

“After boiling and blending them, the outcome was like the sachet tomato paste we buy in the market.

“I was shocked and at the same time happy that I found a solution to my worries with just N2,000.

“I have tried using carrot but the taste I don’t like and it makes my last child visit the toilet a lot.

“I pray the price of tomato drops. There is nothing like it when preparing sauce.”

Mrs. Modupeoluwa Adebowale, a trader, said she had a taste of cucumber sauce and doesn’t like it.

She added: “I decided to use our old solution which was the use of dried habanero pepper. I soaked it till it softened and blended it with enough onion to fine-tune its taste. Then I add sachet tomato paste. My sauce is ready.

“The habanero pepper is known to thicken sauce.”

However, the replacement of tomatoes using other alternatives for preparing sauce has affected tomato sellers and grinders in the market.

Mrs. Rahimot Mojeed, a fresh tomato seller, said: “Since the price of tomato and pepper increased, sales have dropped.

“Before, when there was a drop in supply of tomatoes due to the out of season effect, people still managed to buy.

“But now, there is nothing like that. I heard people now use cucumber, carrot and cabbage to prepare sauce the most. Some even use “ata gbigbe” meaning dry habanero pepper and sachet tomato paste to prepare stew for rice.

“I now buy tomatoes in little quantities because it is a perishable good and it’s now expensive. When it softens, it will result in a huge loss for me as there’s less patronage.”

Miss Patience Oboh, a pepper grinder said she patronized the market asking those buying tomatoes to allow her to blend it for a N200 fee.

“In a day, I have up to 20 people who I blend tomatoes for.

“Since the price of tomatoes increased, I hardly get 10 customers.

“I now have to roam the market searching for those who are interested in blending their tomatoes of which many decline saying,

“I will use my blender at home. The way tomatoes are expensive now, I can’t allow your machine to consume half of it all in the name of blending.”

“It is a phase. I believe it will pass.”

SOURCE: VANGUARD

Business

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

Published

2 days 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.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

3 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

6 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.