Bureau De Change operators in Abuja have declared the suspension of their operations, citing the unavailability of dollars as a major reason, according to reports by the Daily Trust. This announcement was made by the association’s Chairman, Abdulahi Dauran, on Wednesday.
The official exchange rate on Tuesday witnessed the naira closing at an all-time low of N1,482 against the United States dollar, while on the parallel market, it remained stable at N1,450/$. Dauran linked the closure to challenges posed by online business transactions and the use of cryptocurrency.
The shutdown is scheduled to take effect from Thursday, February 1, 2024. This development coincides with recent efforts by the Central Bank of Nigeria (CBN) to stabilize the country’s volatile exchange rate. On Wednesday, the apex bank directed Deposit Money Banks to sell their excess dollar stock by February 1, 2024, and warned against hoarding foreign currencies for profit.
CBN officials expressed concerns that some commercial banks might be holding long-term foreign exchange positions to capitalize on the unpredictable movements of exchange rates. The new directive also introduced guidelines aimed at mitigating the risks associated with such practices.
