By Hungah Peter, Siwes student, Federal Polytechnic, Ilaro
According to a report by the Daily Trust, Bureau De Change operators in Abuja have decided to halt their operations due to a scarcity of dollars. The announcement was made by the association’s Chairman, Abdulahi Dauran, on Wednesday.
The Nigerian naira hit its lowest value ever against the United States dollar on Tuesday, reaching N1,482 on the official window, while it remained stable at N1,450/$ on the parallel market.
Dauran attributed the closure to increasing online business transactions and the rise of cryptocurrencies.
This development occurs amid recent efforts by the Central Bank of Nigeria to stabilize the nation’s volatile exchange rate.
The apex bank ordered Deposit Money Banks to offload their excess dollar stocks by February 1, 2024, and warned against hoarding foreign currencies for profit.
Officials believe that certain commercial banks have taken advantage of unstable exchange rate fluctuations by acquiring extended foreign exchange positions.
The new directive includes guidelines aimed at mitigating the risks associated with such practices.
