Bureau de Change operators shut down offices in Abuja as forex crisis worsens

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Amid the foreign exchange crisis in Nigeria, Bureau de Change operators have announced the indefinite closure of their business premises in Abuja over FX scarcity from Thursday, February 1, 2024. Abdullahi Dauran, Chairman of BDC operators in Abuja, disclosed this in a statement on Wednesday. Dauran stressed that the scarcity of dollars was responsible for their decision to shut down. He added that online business transactions and cryptocurrency were responsible for the scarcity of dollars. Meanwhile, DAILY POST spoke with Aminu Gwadabe, president of the Association of Bureaux de Change Operators of Nigeria, ABCON, about the development but he did not respond clearly. He said, “I saw it online, too.” Data from FMDQ on Thursday showed that the Naira marginally appreciated N1,455.59 per US dollar from N1,482.57 on Wednesday. DAILY POST reports 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. However, on Wednesday, as a possible solution to the continued fall of Naira at the forex market, the CBN released fresh guidelines to commercial banks against foreign currency speculation and hoarding.

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