List Of Neighbouring Countries Benefiting From Naira Depreciation

Reports have indicated that some traders who deal in grains have began to sell their goods to foreign countries in a bid to make higher profits.

Naija News understands that the traders decided to sell their goods to foreigners because they had stronger currencies compared to the naira.

Below are some countries that traders in Sokoto, Cross River others sell their goods to so as to make more monetary gain.

Gabon And Cameroon

Speaking to Punch,  a Cameroon-based Nigerian, simply identified as Ebere, described Cameroon as one country that was good for trans-border trade, adding that it was not lacking food.

He revealed that an unholy alliance between Nigerian and Cameroonian traders dealing not only in foodstuffs but also other items of value to earn CFA franc.

He, however, said traders from Cross River State and other nearby states sold stockfish heads to Cameroonians to earn CFA franc.

He added that Nigerian traders also move stockfish heads to Gabon, adding that the increase in such trade had further strengthened the CFA franc against the naira, especially in the black market.

Ebere stated, “There is an increase in the sale of stockfish heads and iron rods by Nigerians. They (Nigerians) are ready to do business, especially when the currency they will receive will mean doubling or tripling their gains.

“Cameroon has food; the country even sells food items to Gabon, which is also a neighbouring country, but Nigerians make a lot of money selling stockfish and iron to Cameroonians. The interest there is the CFA franc.”

Niger Republic

Another trader, who is a major trans-border grains and commodities merchant, also disclosed that Niger Republic is benefiting hugely from the Naira depreciation

The trader, who identified himself as Alhaji Abdullahi Aliyu, said, With a comparatively strong naira to the CFA franc, we used to troop to Niger to buy so much rice and other essential commodities not available here just a few years ago.

“Now, the table has turned against us because the Nigeriens now seize the advantage of the drastic depreciation of the naira and exponential rise of their CFA franc to troop into Nigeria to buy as much of our grains as they can to resell in their country.

“To make sure they benefit from the depreciation of the naira to the utmost, many grain merchants in Niger, in a hot race for Nigeria’s food grains and other commodities, now even sell their residential houses to generate enough money for as much of the maize and millet as they can purchase from Nigeria to resell in their country.

“A bag of rice will cost around 22,000 CFA francs but in naira, it is around N75,000.”

The trader lamented that a Nigerien merchant having just enough to buy 10 sacks of Nigerian maize or millet just about a year ago, could now afford to buy 100 to 150 sacks with the same amount of money he traded for the 10 sacks a year ago.

A trader within Sokoto’s old market, Mallam Abubakar Salisu, also told the aforementioned publication that he was in business to make money, hence he decided to sell his goods at any available market to maximise profits.

Salisu stated, “I honestly don’t know why there is a lot of noise about where we decide to do our business and who we sell to.

“I believe everyone is doing business to make money. Why will our own be different from others that Nigerians now take us to be criminals?

“I believe you know there is a huge difference between the Nigeria currency and CFA franc, which is the legal tender in Niger and Cameroon. That is one of the major reasons why I decided to go there to sell my grains.

“If I take my goods to Niger Republic, I will make double what I will get in the Nigerian market here. So, why will I remain here to sell when I can make more money by simply changing location?

“The government should fix the economy and allow us to do our business in peace. They should stop harassing us. We are not the ones who caused the economic woes.”