Forex Scarcity: Bureau de Change Operators In Abuja Shut Down Offices Indefinitely

The Abuja chapter of the Association of Bureau De Change (BDC) Operators has declared the indefinite closure of their business premises starting from February 1, 2024.

The decision is attributed to the scarcity of US Dollars, and the chairman of the association, Abdulahi Dauran, mentioned that online banking transactions and cryptocurrency contribute to the shortage of dollars.

Dauran stressed that the scarcity of dollars was responsible for their decision to shut down.

Meanwhile, Aminu Gwadabe, the president of the Association of Bureaux de Change Operators of Nigeria, ABCON, about the development but he did not respond clearly.

He said, “I saw it online, too.”

Data from FMDQ on Thursday showed that the Naira marginally appreciated N1,455.59 per US dollar from N1,482.57 on Wednesday.

VerseNews reports Naira depreciation worsened on Tuesday as the drop to N1,482.57 per US Dollar at the official market was higher than the N1,470 quoted at the parallel market.

Despite the Central Bank of Nigeria’s injection of over $500 million to clear the forex backlog and other interventions, the Naira has continued to tumble against the dollar.

However, on Wednesday, as a possible solution to the continued fall of Naira at the forex market, the CBN released fresh guidelines to commercial banks against foreign currency speculation and hoarding.