Operators of Bureau De Change (BDC) have announced shut down of operation in the Nigeria’s Capital City of Abuja as a result of scarcity of dollars.
Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday.
He linked the development to online business transaction and cryptocurrency.
Daurau explained that the closure of business would take effect from Thursday, February 1, 2024.
This is coming hours after a senate panel summoned Olayemi Cardoso, governor of the Nigeria’s apec bank, Central Bank of Nigeria (CBN), over forex crisis.
Data from FMDQ on Thursday showed that the Naira marginally appreciated N1,455.59 per US dollar from N1,482.57 on Wednesday.
Diplomat Nigeria reports that 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.
Meanwhile, on Wednesday, as a conceivable solution to the constant fall of Naira at the forex market, the CBN released fresh guidelines to commercial banks against foreign currency speculation and hoarding.
