Bureau De Change (BDC) operators in Abuja have announced the suspension of their operations due to a scarcity of dollars, as reported by the Daily Trust. Abdullahi Dauran, the association’s Chairman, made the announcement on Wednesday.
On Tuesday, the naira reached an all-time low of N1,482 against the United States dollar on the official window, while it remained steady at N1,450/$ on the parallel market.
Dauran attributed the shutdown to online business transactions and cryptocurrency. The cessation of business will take effect from Thursday, February 1, 2024.
This development occurs amidst recent efforts by the Central Bank of Nigeria to stabilize the nation’s volatile exchange rate. The apex bank has mandated Deposit Money Banks to sell their excess dollar stock by February 1, 2024, and cautioned against hoarding excess foreign currencies for profit.
The Central Bank of Nigeria believes that some commercial banks hold long-term foreign exchange positions to profit from fluctuations in exchange rates. A new directive has been issued, introducing guidelines intended to mitigate the associated risks.
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