BREAKING: Bureau de Change operators shut down offices in Abuja

Title: Bureau de Change Operators in Abuja Close Indefinitely Amid Foreign Exchange Crisis

Amid to prevailing foreign exchange crisis, Bureau de Change (BDC) operators in Abuja have declared the indefinite closure of their business premises starting Thursday, February 1, 2024.

The announcement was made by Abdullahi Dauran, the Chairman of BDC operators in Abuja, in a statement released on Wednesday.

Dauran highlighted the scarcity of dollars as the primary factor behind their decision to shut down operations.

He pointed to online business transactions and cryptocurrency as contributors to the ongoing shortage of dollars.

When approached for comments on the development, Aminu Gwadabe, the President of the Association of Bureaux de Change Operators of Nigeria (ABCON), did not provide a clear response. He stated, “I saw it online, too.”

According to data from the Financial Markets Dealers’ Quotations (FMDQ) on Thursday, the Naira experienced a marginal appreciation, reaching N1,455.59 per US dollar, compared to N1,482.57 on Wednesday.

Earlier in the week, the Naira depreciated, with the official market rate dropping to N1,482.57 per US Dollar, surpassing 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 continues to face challenges against the dollar.