Forex Crisis: Coalition threatens to shut down Kano markets

A coalition of Kano major markets leadership have threatened to shut down all markets in the state, over the rise in the price of dollar and other currency at the forex market.

Addressing journalists after a meeting on Sunday, the chairman of the over 30 Kano markets coalition, Alhaji Junaid Muhammad Zakari said that, the current situation has affected traders and consumers, which necessitated the market leaders to look into the possibility of shutting down markets to curtail the increasing inflation.

The theme of the meeting was, ‘’Addressing the challenges, implications and crippling effect of free fall of the naira on businesses in Nigeria, and the need for urgent intervention

Zakari said, the increase in forex has led to untold hardship on Nigerians, where the common man cannot afford three square meals, and other basic necessities.

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He appealed to Kano residents to exercise more patience, noting the coalition would submit a letter to the state government and relevant stakeholders, to express displeasure over the unfortunate situation.

The vice chairman, coalition of Kano major markets leaders, Alhaji Balarabe Tatari, who doubles as chairman Kantin Kwari market pointed out that, some unpatriotic Nigerians hoard goods due to the daily rise in forex especially dollar.

He hinted that the price of items have skyrocketed in the market, many traders have lost their capital, and consumers find it difficult to patronize goods and services due to inflation.

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The chairman Forex Traders Association Kano, Alhaji Sani Dada highlighted that the issue of dollar is beyond their capacity, as their members do not have enough to sell to consumers.

Dada described hoarding of forex, goods, and services as a major catalyst to the hardship in the country.

Others who spoke include the leadership of artisans, butchers, and tailors among others