ABUJA BUREAU DE CHANGE OPERATORS SHUT DOWN OPERATIONS OVER DOLLAR SCARCITY
Written by Olakunle Oke on February 1, 2024
Bureau de Change (BDC) operators in Abuja have pulled down their shutters, citing a critical shortage of US dollars. This announcement, made by association chairman Abdulahi Dauran, comes as the Nigerian Naira continues to depreciate against the greenback.
The Naira hit an all-time low of N1,482 per dollar on the official market on Tuesday. Meanwhile, the parallel market held steady at N1,450 per dollar. Dauran attributed the BDC shutdown to both scarcity and factors like online business transactions and cryptocurrency.
This move coincides with efforts by the Central Bank of Nigeria (CBN) to stabilize the exchange rate. On Wednesday, the CBN instructed Deposit Money Banks (DMBs) to sell their excess dollar holdings by February 1st, 2024. This directive aims to curb hoarding and increase dollar availability.
It remains to be seen how the BDC shutdown will impact individuals and businesses reliant on their services. The CBN’s actions, on the other hand, may offer some relief but the long-term effectiveness is yet to be determined.
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Source: Jordan105.5fm News Bulletin.
