The development came on the heels of a partial closure which had been observed on Monday, when several markets were shut in her honour.
Mogaji, mother of a former governor of the state, Sen. Bola Tinubu , died on Saturday evening at her Ikeja residence at the age of 96.
She was buried on Sunday at a private cemetery in Ikoyi and her third day Fidau prayer was held on Tuesday.
A visit to some major markets in the metropolis revealed that all shops and stalls were locked.
The usual throng of customers at the Rauf Aregbesola Market, Iyana Ipaja, was completely absent as only a couple of traders were seen standing in front of their locked shops.
One of the traders, who pleaded anonymity, said that she was at the market, not for business, but to keep an appointment with a family friend.
“I am not selling. We have all locked our shops to honour our Iyaloja-General and I only came on an appointment with someone as this is the only place where she can meet me,“ she said.
At the markets located at AP and Pen Cinema in Agege, only newspaper vendors and a few hawkers were being patronised by some customers as traders in the main market closed their stalls.
Also, customers who had gone to Mosafejo market in Oshodi to buy items were disappointed as the market was not open for business.
A few traders were seen standing and chatting by the entrance of the market.
Mrs Risikat Adeyanju , a pepper seller at the market, said traders acted on the directive of the market leaders to stay away from their shops in honour of the late merchant.
“We are acting on the instructions of our leaders not to open business today in honour of our great Iyaloja who died on Saturday.
“It is just three days after her demise and we ,traders in this market, as well as those of other markets, believe that not selling today would be the best way to pay our last respect to her,“ she said.
Mrs Afusat Buhari, a trader at Balogun market , Lagos Island, said in a telephone interview that the market was a shadow of itself as it was completely devoid of buying and selling.
“Balogun market is closed to honour Mama Mogaji and to enable traders attend the third day Fidau prayers for the late Iyaloja at TBS.
“`Mama Mogaji was such a great woman and if all markets are closed for one week to mourn her, I don`t think it is too much,“ she said.