Palpable fear grips Nigerians over Ghanaian Cedi’s fall

Palpable fear has gripped Nigerian traders after Ghanaian Cedi fell this week to become the worst performing currency in the World after Sri Lanka’s rupee.

Nigerians, particularly traders are afraid that the Naira the country currency may take same sad path like the Cedi after the Naira exchanged for N741 to a Dollar this week.

While Nigerians are crying over the shambolic performance of their local currency, they also wailing over a number of events including flood disaster that have destroyed over 400,000 hectares of cultivated farms land and rendered over 1.3million people homeless.

Fears among traders was heightened over the week by the unabated falls of the Naira coupled with the prediction by Bank of America , BoA, that the Naira may be devalued by 20 percent next year.

Ghana which shared a common trading patterns with Nigeria in the West Africa region lost about 45 percent in value of it’s currency (Cedi) when it traded at 11.2750 cedis per dollar this week, an apprehensive foodstuffs dealer , Markus Daniel said.

Ghanaian Cedi’s depreciation has led to impairment of some traders’ capital . According to reports, some traders in the country’s Ashanti region have protected against the Cedi depreciation and Ghana rising cost of living by closing their shops.