The sale of fairly used gold jewellery is on the increase in Benin, the Edo capital, as the naira depreciates further against the U.S dollar.
Some buyers of used gold jewellery at Lagos Street Market in Benin said on Monday that customers now selling more of used gold jewellery
A buyer, Mr Sule Ibrahim, said that the supply of used gold jewellery to the market started to increase with the steady depreciation of the naira against the U.S dollar.
Ibrahim, who deals in gold and foreign currencies, said the price of gold appreciated whenever the naira depreciated against the dollar.
He said that one gramme of 18, 14 and 9 carat gold now sold for N11, 000, N8,500 and N5,000, respectively at the market.
He said that one dollar now sells for between N380 to N395 at the same market against about N260 sold in December, 2015.
Ibrahim, also said that one Euro now exchanged for N435, while a pound sterling now sold for N490 at the same market.
A customer, Mr James Bello, who sold his used gold necklace at the market, said he bought his gold necklace in 2006 for N6,500 and resold it at N21,000 few days ago.
“I bought a gramme of the gold necklace for about N3,250, 10 years ago, but sold a gramme for N10,500 few days ago,” he said.
Another customer, Mrs Helen Okosun, said that she bought a gold necklace in 2013 at N33,000, but resold it two weeks ago for N77,000.
Okosun said she decided to sell the necklace because of the high gains it attracted.