Home » Naira fall to CFA causing cataclysmic effects amidst AFCON 2023

Naira fall to CFA causing cataclysmic effects amidst AFCON 2023

by profseuno profseuno
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With the 2023 Africa Cup of Nations (AFCON) getting to the crucial stage (semi-final), an issue continues to baffle Nigerian travelers, tourists, and journalists in Cote d’Ivoire for the tournament.

The issues had to do with the fall of Nigeria’s currency, Naira compared to CFA (Francs) spent in Cote d’Ivoire.

The strength of a country’s economy can be gauged by the power of its currency.

It is no longer news that the Naira has fallen the pecking order compared with top currencies like Dollars, Pounds, and Euros.

The same can be seen when comparing the value of Naira to that of CFA.

When the kick442.com correspondent attended the 2023 CAF Women’s Champions League in November, 5,000 Naira was exchanged for either 2,800 Francs or 2,700 Francs.

On January 8, 2024, the correspondents exchanged 10,000 Naira for 5,000 Francs at Illacoundji, Togo border.

As of February 5, 2024, 2,200 Naira now exchange for 1,000 Francs and continue to drop by the day.

The decline of Naira has been a course of worry for traveling Nigerians in Cote d’Ivoire.

There were years when about 400 or 500 Naira were exchanged for 1,000 Francs, but this privilege is no longer feasible.

The only complaint about the decline in currency can be linked with Ghana Cedis but another Anglophone country, Nigeria is joining the fray.

The reason for Naira’s decline can be attributed to economic policy on the path of the Nigerian government.

As a result of this, it now behooves the government to implement policies to revive Naira.

With a week before the end of AFCON 2023, Nigerians in Cote D’Ivoire for the tournament will have to cope with Naira fall till the end of the competition before heading home after February 11, 2024.

 

 


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