Business

New naira scarcity: Sokoto, Zamfara, Katsina border residents trade in CFA

Published

2 years ago

February 2, 2023

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.

The residents, including traders and commercial drivers, are also rejecting the old naira notes, insisting that customers who do not have the new redesigned currency must pay for goods and services with CFAs.

The CFA franc is the legal tender in eight West African countries of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union, otherwise known as the Union Économique et Monétaire Ouest Africaine.

Findings by The PUNCH indicated that businessmen and traders in the Zurmi and Shinkafi local government areas of Zamfara State, which border the Niger Republic, prefer the franc to the naira.

Investigation revealed that traders in the two LGAs had been selling their commodities in CFA due to fear that they might not get the new naira notes.

A cattle dealer, Musa Shehu, said he stopped receiving the Nigerian currency since the Central Bank of Nigeria announced the deadline for the swap of the N1,000, N500 and N200 notes.

He stated, “I have since stopped receiving the old naira notes because I don’t have an account and I can’t go to the bank.”

trader in Shinkafi town, who shuttles between Nigeria and Niger Republic, explained that most of his customers paid with the CFA.

“I cannot collect old naira notes and give out my commodities to any customer. But I will collect new naira notes and CFA because I am afraid of losing my money if the time for the exchange expires,’’ the trader, who spoke on condition of anonymity, said.

A grain seller in Dada village in Zurmi Local Government, Muhammadu Isa, disclosed that he stopped selling grains in the Nigerian currency after the CBN’s policy on new naira notes was unveiled.

He said that he sold only to those who possessed CFAs to avoid losing money as ‘’my father did in 1983 when the naira notes were hurriedly changed by the then Major General Muhammadu Buhari regime.’’

Isa explained that his late father lost all his money when Buhari changed the national currency in 1983.

The grain trader insisted that he would not accept the old naira notes as there was no bank or Point of Service terminal in his community where he could withdraw the new currencies.

“You see since our people and those from the Niger Republic are coming to buy the grains with the CFA, I see no reason why I should collect old naira notes. If anybody wants to buy grains from me, he must pay in CFA or forget it. I will not collect old naira notes because I don’t know what to do with them after the expiration of the deadline,” he noted.

In a related development, commercial drivers who ply the Niger Republic from Zurmi and Shinkafi LGAs have also stopped collecting the old notes.

They justified their decision with the argument that the CFA was the only legal tender accepted by the people along the Nigeria-Niger borders.

A driver, Alhaji Hamisu, stated that passengers had to pay in CFA if they wanted to travel to the Niger Republic or return to Nigeria ‘’because the old naira notes are unacceptable as legal tender.’’

Hamisu said, “I have on several occasions refused to collect the old naira notes from my passengers because I have no time to go to the bank or PoS to get the new notes.

“Another problem is that you can’t buy fuel with the old naira notes in Niger republic; as such, no commercial driver on cross-border journeys will agree to take the old notes from passengers.

“I was almost stranded in Malbaza town in Niger Republic when I wanted to buy fuel with the old naira notes because we have been doing so before the change of the Nigerian currency.

“I went to the filling station as usual and bought 30 litres of fuel and brought out the old notes but the fuel attendant told me that he would not accept the notes.

pleaded with him but he was not ready to collect the money from me. I was lucky as one of the commercial drivers, who is also my friend, came to buy fuel and he had enough CFAs. I bought the CFA from him and settled the fuel attendant.”

Sokoto border traders

Also, our correspondent discovered that border communities in Sokoto State preferred to sell their products in CFA due in part to the non-availability of the new notes and the continuous loss of naira value.

Speaking with The PUNCH, Mallam Sidi Isa, who trades in cattle in Illela, a border community with the Niger Republic, said he preferred the franc because of the introduction of the new naira notes and the cashless policy.

Also speaking, Mr Jamiu Ola, a motor mechanic, argued that the CFA holds more value than the naira.

“I prefer CFA due to the fact that it is hardly devalued unlike our own naira which has been devalued,” he added.

A businessman, Mallam Haruna Abdulazeez, stated, “I shifted my business to the Niger Republic when I realised I can’t cope with the economy of this country anymore.

f I buy goods from Nigeria and take same to Niger Republic, I make profits due to the value after the exchange. Even if you take sachet water there, you will make your profits due to the exchange rate.”

A Sokoto resident, Muhammad Auwal, submitted that the CFA holds more value than the naira, hence his preference for foreign currency.

“I normally exchange my naira for CFA as it is not reasonable for someone to keep naira at home due to loss of value,’’ he declared.

Adamawa cattle dealers

Speaking in an interview, the Chairman of Mubi International Cattle Market in Adamawa State, Jafaru Hamman, lamented the scarcity of newly redesigned naira notes, adding that the difficulties in getting the currency had affected commerce at the border communities.

The problem, according to him, is that most traders in Mubi are accustomed to cash transactions and the cashless policy may take time to get mass support.

Commenting on the decision of Adamawa communities to opt for the franc over the naira, a cattle dealer, Jafaru Hamman, explained that even before the CBN policy, some traders were using the West African CFA in business transactions.

Punch

Auto

Chery relishes impactful presence at 2024 Lagos Trade Fair, says it’s a resounding success

Published

6 hours ago

November 14, 2024

Trends Admin

Chery relishes impactful presence at 2024 Lagos trade fair, says it’s a resounding success

Days after one of the biggest trade shows in Nigeria ended, talks about the spectacular displays, special products on offer and which companies did what at the 2024 Lagos International Trade Fair are still reverberating in the business industry in and around the nation’s commercial capital.

After staging one of the most outstanding displays at the fair, Carloha, sole representative of Chery vehicles in Nigeria, has declared that the 2024 Lagos International Trade Fair was a resounding success for Chery.

The fair held from November 1 to November 10 at Tafawa Balewa Square (TBS) in Lagos was attended by businesses from various sectors.

Chery made a commanding impression with a display of its array of vehicles that captivated attendees.

Chery’s lineup at the place featuring the Tiggo 8 Pro, Tiggo 4 Pro, Tiggo 2 Pro, and Arrizo 5 — easily became the highlight of the event, drawing admiration from automotive enthusiasts and industry experts alike.

Carloha Nigeria in its assessment of the show notes that the enthusiastic response from attendees reflected Chery’s alignment with the values of Nigerian consumers: durability, efficiency and style.

Indeed, it says the presence of Chery at the fair reinforced the brand’s status as a leader in innovative and high-quality vehicles.

“Chery’s presence at the fair signals its commitment to supporting Nigeria’s automotive industry growth,” it states, adding that the brand looks forward to continuing its journey with Nigerians seeking reliable and stylish vehicles that elevate their everyday driving experience.

Chery showcased the unique strengths and aesthetics of each of its models, with the Tiggo 8 Pro taking centre stage.

Tiggo 8 Pro

Known for its luxurious design and cutting-edge technology, the Tiggo 8 Pro made a lasting impact on attendees looking for a blend of sophistication and performance in an SUV.

Auto enthusiasts and prospective buyers were particularly captivated by the model’s spacious interior, high-quality finishes, and suite of intelligent features, which align with Chery’s reputation for engineering excellence.

Tiggo 4

For those interested in compact SUVs with versatility and style, the Tiggo 4 Pro was an instant hit.

Its sleek design, fuel efficiency, and advanced safety features resonated with visitors seeking a reliable yet stylish vehicle for urban and adventurous lifestyles alike.

The Tiggo 4 Pro’s appeal lies in its balance of form and function, and this resonated with young professionals, families, and automotive aficionados who stopped by Chery’s exhibit for a closer look.

Tiggo 2 Pro

The Tiggo 2 Pro also attracted significant attention at the fair.

Known as a stylish, compact SUV with a bold, urban design, the Tiggo 2 Pro struck a chord with those looking for a vehicle that combines affordability with aesthetic appeal and performance.

Its smaller size, combined with a powerful engine, makes it an ideal choice for city driving, and visitors were impressed by its efficient fuel consumption and user-friendly tech features, making it a perfect fit for Nigeria’s dynamic city life.

Arrizo 5

Arrizo 5, Chery’s stylish sedan that combines efficiency with cutting-edge technology, was part of the impressive lineup.

Many attendees were taken aback by the Arrizo 5’s seamless integration of petrol and CNG technology.

This appeals to those looking for sustainable and budget-friendly commuting options.

The sedan’s advanced safety features, plush interiors, and fuel efficiency made it a strong contender for those prioritizing both style and sustainability in a vehicle.

This year’s Lagos International Trade Fair saw an unprecedented turnout, with thousands of visitors exploring the diverse offerings from local and international brands.

Chery’s display not only highlighted the brand’s innovative automotive designs but also underscored its commitment to Nigeria’s automotive market.

The foot traffic at the Chery stand was a testament to the brand’s growing appeal, as well as Nigeria’s evolving automotive landscape, where demand for high-quality, dependable vehicles continues to rise.

Engagement with visitors

Beyond showcasing vehicles, Chery’s team engaged with visitors to explain the unique benefits of each model and answer questions.

This helped create a personal and informative experience for everyone who stopped by.

From live demonstrations to interactive sessions, Chery provided an immersive experience that helped attendeesj job understand the full scope of features each model offers, strengthening the brand’s connection with potential customers and automotive enthusiasts.

Carloha’s Sales Director, Mr. Joseph Omokhapue, says to make Chery ownership easy and affordable, highlighted their exclusive offers: a 6-year free service plan, 6-year/200,000 km warranty, and flexible auto financing options.

“These benefits are at the core of Carloha’s commitment,” he said, adding, “With fair pricing, nationwide 24/7 parts and service support, our customers can enjoy their Chery vehicles with complete peace of mind.”

Railway

NRC increases trips on Abuja-Kaduna route from four to six

Published

8 hours ago

November 14, 2024

Trends Admin

NRC increases trips on Abuja-Kaduna route from four to six

The Nigerian Railway Corporation (NRC) has announced an increase in the number of trains on its Abuja-Kaduna Train Service (AKTS) route in response to rising demand based on its customer feedback.

A statement signed by the NRC Deputy Director of Public Relations, Yakub Mahmood, on Wednesday, said the number of trains had been increased to six from four, running Monday to Friday during peak periods.

This development, it added, aimed to enhance customer satisfaction by making commuting more convenient and accessible on the route as well as tackling complaints of ticket racketeering.

The statement quoted the acting Managing Director of the NRC, Ben Iloanusi, as saying that a five-month trend analysis revealed a 22 per cent increase in new passengers registering on the ticketing platform for the Abuja-Kaduna route.

The surge, he said, showed a growing preference among Nigerians for train travel as a comfortable, reliable, and safe commuting option.

The statement read, “The Nigerian Railway Corporation, reaffirming its commitment to responding to customer demands, improving customer satisfaction, and tackling complaints of ticket racketeering, has increased the number of train services from four to six from Monday to Friday when demand tends to peak on its AKTS route.”

The NRC also noted that similar trends had been observed on the Lagos-Ibadan, Warri-Itakpe, and Port Harcourt-Aba routes, with efforts already underway to enhance services along these routes as well.

The acting MD assured Nigerians of the increased presence of NRC senior management across all train service routes to drive continuous efficiency and tackle the issue of ticket racketeering head-on.

“Our valued customers are encouraged to use NRC ticket platforms online to take advantage of the increased services and avoid patronising ticket racketeers.

“Additional information can be obtained from the NRC website, www.nrc.gov.ng,” it stated.

The expanded services on the Abuja-Kaduna route, it said, followed similar enhancements on the Lagos-Ibadan route, which now includes additional trips on Fridays and Saturdays to accommodate increasing demand.