The Bureau De Change operators in Adamawa state have suspended making transactions in the United States dollars, after its crash against the naira from N870 to about N680.
For about two days (48 hrs), the operators have been rejecting the dollar bills from sellers due to the growing uncertainty in the parallel market.
A few of the operators at the Jimeta Modern Market in Yola, the Adamawa state capital had remarked that they’ve been incurring losses over the weekend due to the sudden and continuous crash of the dollar which has destabilized the parallel market.
The US dollar has been experiencing a free fall against the naira since the previous week. Last week, the dollar exchanged for about N900 per dollar with many people attributing the further weakness of the naira to a plan by the government through the Central Bank of Nigeria, CBN to redesign the naira. This was before the naira had then appreciated late last week to about N680.
The Economic and Financial Crimes Commission, EFCC, had just recently, raided some BDCs in Abuja, and in certain parts of the country in an attempt to strengthen the naira.
Regardless, the low exchange rates being experienced in Nigeria have raised the cost of imported goods and raw materials in the country.
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