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Naira Devaluation Lowers Smuggled Nigerian Fuel Prices in the North

Naira Devaluation Lowers Smuggled Nigerian Fuel Prices in the North

Paru le vendredi, 23 février 2024 15:42

The cost of smuggled fuel, known as "zoua-zoua," from Nigeria has significantly decreased in Cameroon's northern regions following the recent devaluation of the Nigerian naira.

In Garoua, the price of a liter of zoua-zoua has fallen sharply from XAF800 to 350 this week. Sources indicate that Cameroonian traffickers can now purchase zoua-zoua across the border for approximately XAF125 per liter, nearly 40% less than prices at the start of the year.

The naira's devaluation against the US dollar, estimated at 31% by Abuja officials and described as "historic" by economic experts, is considered a key factor in the price change.

This decline in fuel costs is starting to influence transportation fares. In Garoua, mototaxi driver Raphaël Welyang reports prices on the frequent route to Pitoa have decreased from XAF500 to 350. He notes similar trends within Garoua city limits.

Price shifts remain less pronounced in Maroua (Far North region), but the trend suggests a similar eventual decline in zoua-zoua prices. Ngaoundéré (Adamaoua region) faces additional complexities due to customs controls.

Michel Ange Nga

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