The Abuja branch of the Association of Bureau De Chang (BDC) Operators has announced the indefinite closure of their business activities in Abuja indefinitely from Thursday, February 1, 2024. On Wednesday, the Chairman of the Association, Abdulahi Dauran, said their decision was as a result of the scarcity of US Dollars and also added that online banking transactions and cryptocurrency were behind the unavailability of Dollars.
Analysts projected that the Central Bank of Nigeria’s injection of over $500 million to clear the Forex (FX) backlog of airlines and others, along with more interventions would result in a bounce back of the Naira, but despite that, the Naira has continued to tumble against the Dollar.
As of Tuesday night, the Naira at the official market rate was N1,482.57/$1 but is currently at N1,513 per dollar by Thursday morning.
In an effort to halt the fall of Naira in the FX market, the Central Bank of Nigeria (CBN) issued fresh guidelines on Wednesday to commercial banks against foreign currency speculation and hoarding.
In a similar development, the Senate has summoned the governor of the CBN, Yemi Cardoso to explain by Tuesday next week the current state of the economy as well as the free fall of the Naira at the FX market.
