In response to the escalating foreign exchange crisis in Nigeria, Bureau de Change operators have taken a drastic step by announcing the indefinite closure of their offices in Abuja starting from February 1, 2024.
Abdullahi Dauran, the Chairman of BDC operators in Abuja, cited the scarcity of dollars as the primary reason behind this decision.
Dauran emphasized that the increasing demand for dollars, fueled by online business transactions and cryptocurrency activities, has intensified the scarcity, leaving Bureau de Change operators with no choice but to shut down.
Aminu Gwadabe, the president of the Association of Bureaux de Change Operators of Nigeria (ABCON), acknowledged the development but provided no clear response, stating, “I saw it online, too.”
Recent data from FMDQ on Thursday revealed a marginal appreciation of the Naira to N1,455.59 per US dollar from N1,482.57 on Wednesday.
However, the Naira’s depreciation worsened earlier in the week, reaching N1,482.57 per US dollar at the official market, surpassing the N1,470 quoted at the parallel market.
Despite efforts by the Central Bank of Nigeria, including injecting over $500 million to clear the forex backlog and other interventions, the Naira continues to struggle against the dollar.
In an attempt to address the ongoing decline, the CBN released fresh guidelines on Wednesday, targeting commercial banks and urging them to refrain from foreign currency speculation and hoarding.
