Abuja BDC operators shut down operations over dollar scarcity

According to the Daily Trust, Bureau De Change operators in Abuja have announced that they will be closing due to a lack of dollars.

Abdulahi Dauran, the association's chairman, made this announcement on Wednesday.

On Tuesday, the naira closed at an all-time low of N1,482 per US dollar on the official window, while it held steady at N1,450/$ on the parallel market.

Dauran blamed cryptocurrencies and internet commerce for the closure.

He announced that the company would close on Thursday, February 1, 2024.
This development coincides with new efforts by the Central Bank of Nigeria to stabilise the volatile exchange rate of the country.

Deposit Money Banks were given an order by the apex bank on Wednesday to sell their excess dollar stock by February 1, 2024.

Lenders were also cautioned by the CBN not to stockpile excess foreign currency for financial gain.

Officials from the bank assert that they believe certain commercial banks maintain long-term foreign exchange positions in order to take advantage of the unpredictable fluctuations in exchange rates.

A new set of guidelines intended to lower the risks connected to these practices was also introduced by the new directive.