Traders say the sudden slide of the US dollar and other foreign currencies has made export to neighbouring countries such as Niger Republic, Burkina Faso and Chad unattractive.
A Visit to Tsohuwar Kasuwa and other markets in Sokoto in Northern Nigeria reveals that goods moving to Niger and Burkina Faso have drastically been reduced.
Merchants from the neighbouring countries had taken advantage of the depreciation of the naira in recent times to ship more goods out of the country with little amount of their currencies.
Local traders say merchants from neighbouring countries no longer found it attractive to exchange CFA at N62 to do business in Nigeria even as the price of goods still remained high in their markets.
