Nigeria’s woes on the economic front seems to be getting worse by the day as the West Africa CFA Franc has overtaken the Nigerian Naira by about one thousand Naira.
Our correspondent who recently travelled to Benin Republic was shocked when he wanted to exchange his Naira into the West African CFA Franc.
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Just at the border by the area designated ECOWAS, our correspondent was given two different rates. He was told by the currency traders that for cash transactions it N5000 to CFA 5000 but that if the Naira would be by electronic transfer, the exchange is N5000 to CFA 4000.
Our correspondent reported that he exchanged his N2000 cash for CFA 2000, while those who did transfer received CFA 4000 for N5000(five thousand Naira).
But the rates however appear different in Nigeria. Currently it is N0.74 Nigerian Naira to CFA 1, one West African CFA Franc.
Alhaji Haruna who trades in foreign currencies in Nigeria advised Nigerians travelling to any French speaking West African country to buy their CFA in Nigeria before travelling.
