Bureau De Change operators have made public, the shut down of their operations in Abuja as a result of scarcity of dollars.
This news was announced by the association’s Chairman, Abdulahi Dauran, on Wednesday, January 31.
The Naira had closed at it lowest ever, at N1,482 against the United States dollar on the official window on Tuesday while on the parallel market, it kept stable at N1,450/$.
According to Dauran, the closure was attributed to online business transactions and cryptocurrency.
This latest news is coming amid fresh moves by the Central Bank of Nigeria to stabilise the nation’s volatile exchange rate.
The apex bank had directed Deposit Money Banks to sell their excess dollar stock by February 1, 2024 on Wednesday.
Additionally, the CBN cautioned lenders against hoarding excess foreign currencies for profit.
This is because the apex bank believes that some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.
The new directive had introduced a set of guidelines aimed at limiting the risks associated with these practices.
