Residents of some communities and markets in the Illela Local Government Area of Sokoto State have begun to abandon the Nigerian currency for CFA franc because of the shortage of New Naira Notes, SaharaReporters has gathered. Investigations showed that Illela, a border town with Niger Republic and of about 105 kilometres from Sokoto, capital city of Sokoto State, now has most of its traders and residents trading, selling and buying in CFA franc.
EXCLUSIVE: Nigerian Communities, Markets In Sokoto Abandon Naira, Trade In CFA Over Scarcity Of New NotesInvestigations showed that Illela, a border town with Niger Republic and of about 105 kilometres from Sokoto, capital city of Sokoto State, now has most of its traders and residents trading, selling and buying in CFA franc.
The Nigerian Central Bank, CBN had earlier set the deadline for the old N200, N500 and N1000 for January 31, 2023 but due to the scarcity of the new naira notes and its attendant effects on the economy, the apex bank extended the deadline for the exchange of old naira notes for newly designed ones till February 10.
Abu, a trader at the ILLELA International Cattle Market, added that while it is not unusual to see some traders using CFA in the markets, most traders now exclusively use CFA due to the non-circulation of the New Naira Notes.
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