The Ghana Union of Traders’ Association (GUTA) has expressed concern over forex exchange crisis in neighbouring country Nigeria and its potential effect on Ghana.

The Association is therefore calling on government and the Bank of Ghana to put in punitive measures aimed at ensuring that the situation does not spill over to Ghana.

President of the Union, Dr Joseph Obeng speaking in an interview with GhanaWeb Business stressed that the Central Bank and government must collaborate to contain and control what he says is the illegitimate cross-border trade in money transactions from Nigeria to Ghana.

“The Union is cautioning the Government and the Bank of Ghana to effectively put in measures that will control and contain the illegitimate cross-border trade in money as well as the transactions nicodemusly done through the banks without the notice of the Bank of Ghana.”

“The Union therefore asks the government to take these developments serious and act upon them with the utmost urgency,” Dr Obeng added.

In the last few weeks, Nigeria’s local currency has tumbled against the US dollar on several occasions drawing concerns from market watchers, the trading and business community at large across West Africa.

According to a Bloomberg report, Nigeria’s currency weakened 2.1% to 1,615.94 per dollar in the so-called NAFEM window on Tuesday on the back of data released by FMDQ, which calculates the exchange rate.

The development is the lowest the currency has traded against the US dollar since Bloomberg started compiling the data.

MA/NOQ

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