Exchange Rate for CFA Franc Rises Steeply

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By Abdoulie Fatty

Sheriff Jallow, a foreign exchange dealer at the Giboro border village has disclosed in an interview with this medium, that the 5,000 CFA is now equivalent to five hundred and ten Dalasi (D510.00) when converted to Gambian currency, and further said that there is currently, shortage of the CFA currency within the Gambian market.

According to him, the shortage is causing difficulties for cross-border travellers because they cannot get CFA. However, he said he cannot ascertain why there is shortage of the CFA in the country, adding that demand of this currency is higher than supply. He explained that his source of survival depends on the money exchange business but said with the shortage, he and his colleague have some hardship as their businesses are not functioning as expected. 

Speaking to Foroyaa, one Tijan Bah of  ‘Bambo’ in Serrekunda also confirmed the shortage of the CFA Franc. Fatoumatta Jallow of Soma town in Lower River Region (LRR), who operates a restaurant and sells goods from Senegal, also lamented that the price hike of basic commodities and the exchange rate o the CFA has affected her business. She said the rise of the CFA over the dalasi in the market has caused hardship for people.

One Pa Bakary Bayo was met in Farafenni, wanting to convert his dalasi to CFA to enable him travel to Senegal but did not get the amount of CFA he needed because of its scarcity.

At the Kerr Ali border, Maimuna Conteh, a business person stated that the scarcity of the CFA affects them seriously; that she was does business in Farafenni but the rise of the CFA has affected trading in the country.

A man who came with his vehicle from Gambia and was heading to Senegal told Foroyaa that he began his journey from ‘Bambo’ in Serrekunda to Kerr Ali but he could not get CFA.

Gambians, especially traders, call on the Gambia Government to take all necessary measures and address this urgent situation immediately, or else inflation can get worse.