Bureau De Change (BDC) operators in Abuja have shuttered businesses due to a severe scarcity of dollars, announced by the chairman of the BDCs association, Mallam Abdullahi Dauran, on Wednesday.
Dauran attributed the decision to the surge in online transactions and cryptocurrency activities.
The closure of BDCs is set to take effect from Thursday, February 1, 2024.
This development coincides with the Central Bank of Nigeria’s directive to Deposit Money Banks (DMBs) to divest their excess dollar stocks by the latest date of February 1, 2024.
The move is part of the CBN’s strategy to stabilize the nation’s fluctuating exchange rate.
In a circular issued on Wednesday, the apex bank also cautioned banks against stockpiling surplus foreign currencies for speculative gains.
The circular was jointly signed by Dr. Hassan Mahmud, the Director of Trade and Exchange at CBN, and Mrs. Rita Sike, the representative of the Director of Banking Supervision at CBN.
