DAILY TRUST
Naira has continued a downward slide in the West African sub-region trading at N2,010 per CFA1000 at the close of business last Friday.
Naira traded at N1,870 per CFA1000 at the open market at the weekend. While, as of Thursday, it was sold at N1,800 at one of the nation’s busiest and most popular land borders, the Seme-Krake border in the Badagry area of Lagos.
The continuous downward slide of the naira has forced most traders in the cross-border business to abandon their businesses.
This has also affected the market prices of commodities, with petrol now selling at an all-time high of over CFA 1000 (about N2,010) per litre, making smuggling of petrol now a lucrative business since the removal of subsidy in May.
CFA franc scarcity forces markets to transact in naira in Niger
Markets in Niger Republic’s communities bordering Nigeria are now carrying out cash transactions in naira due to the scarcity of CFA francs in circulation in the country.
According to residents and traders interviewed by our correspondent, the naira is in full circulation in provinces that border the Nigerian states of Borno Yobe, Kano, Katsina and Sokoto.
A resident of Diffa, Aminu Abdulkadir, who spoke to Daily Trust on the phone, said since the military coup in the uranium-rich country, the CFA Franc has become very scarce in the country.
“Now, before you see a single CFA franc in the Diffa market, you will see the different naira denominations in circulation. It’s what everybody is using here, including the government officials.
“The only area where we don’t transact with naira is at filling stations and in remittance of government revenues,” he said.
He said many POS operators from Nigeria have established business in markets around Diffa, Gigime, Boso, Kablewa, Jakori, Garin Wanzam, Kinchambi, Tumar and some parts…
