Residents of border communities in states including Sokoto, Zamfara, Katsina, Adamawa and Kwara have opted for the CFA franc following the scarcity of the new naira notes across the country.
According to him, as the deadline for the naira swap draws closer and the old currency is facing rejection, traders are faced with either accepting the CFA for their transactions or halting their business activities.
But the naira notes scarcity had forced the majority of cattle dealers and traders to carry out all transactions in CFA.Mallam Ahmadu Ousseini who sells cattle and camels at Maiadua Kara International market, said he carried out most of his transactions in CFA because his customers said they could not get the new naira notes.
Ahmed stated, “I buy from the dealers at Dankarma and Jibia with the naira. Occasionally, I exchanged my naira notes with the CFA in any of the cattle markets. But now, the scarcity of the new naira notes has worsened the matter. “My problems as a cattle merchant are three: the CFA in the Cameroon market, which used to exchange at N560 per CFA, is now N680 per CFA, and in a few instances it is even more. The old naira notes are scarce and the new notes are nowhere to be found.’’
The chief cattle dealer of Bama, Mohammed Gwamna, said the situation had forced him to stop his cattle business. Another trader, Abba Ali, noted, “At Monguno, Ngala, Gubio and Kukareta and Gaidam , cattle will not be sold to you if you do not brandish new naira notes; and in Cameroon, you must show CFA; and both are not easy to find. This is the situation,” he complained.
In Kwara State, in Chikanda, a border town between Nigeria and the Benin Republic, a trader, Alhaji Bashir Mohammed, said he preferred taking CFA as new naira notes were not easily available.
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