By: Isatou Sarr
A seasoned ram dealer has urged the government to help stabilize the dalasis against foreign currencies particularly the CFA Francs ahead of Eid (Tobaski) ram sale.
Buba Saidy, made the urge on Thursday following a sharp rise in the cost of foreign currencies and the unstable nature of the national currency, the Dalasis against the CFA Francs.
Having raised a big concern over the rising cost of foreign currencies in the local market, Mr Saidy called for urgent intervention from the government as Moslems prepare to observe their Eid festive and the attendant ram sale.
Saidy, a seasoned ram dealer with more than two decades of experience in the business wants the government to regulate the CFA-to-Dalasi exchange by allowing officially registered banks to handle it, rather than relying on local bureau de change outlets or black-market dealers.
Speaking to Voice Newspaper, he says the CFA Francs which is the currency used in Senegal, (the source market for rams) is causing the prices of ram to rise sharply in the Gambia. “This year is tough. Every season is hard, but this year is tougher than before,” he reiterated.
He explained that daily fluctuations in the exchange rate were worsening the situation. “Every day, CFA increases. Sometimes it rises two or three times. This morning, the rate was D625 for 5000 CFA. By evening, it was D630 or D635. Dalasi is going down and CFA is going up, which is not right.”
Saidy criticised the lack of formal CFA exchange services in banks. “Our banks don’t change CFA, so we are forced to go to local bureaus. Even bank staffs go there to exchange and make profit. That’s not fair,” he complained.
Saidy said customers complained about high prices, which according to him was not the fault of sellers. “We buy from Senegal, and the exchange rate affects what we charge here,” he explained.
He urged buyers to focus on the health of the animals and repeated his call for government action. “Government banks should exchange CFA officially. The black market is hurting us. If nothing is done, prices will keep rising before Tobaski,” he warned.
