Bureau de Change operators have announced the closure of their operations in Abuja due to a lack of dollars.
Abdulahi Dauran, the association’s chairman, made the announcement on Wednesday.
On Tuesday, the naira finished at an all-time low of N1,482 versus the US dollar on the official window, while it stayed constant on the parallel market at N1,450/$.
Dauran linked the shutdown to internet commerce and bitcoin.
He stated that the business would be closed beginning Thursday, February 1, 2024.
The news comes as the Central Bank of Nigeria makes further measures to fix the country’s fluctuating currency rate.
The Supreme Court ordered Deposit Money Banks to liquidate their surplus dollar stock by February 1, 2024.
The CBN also cautioned lenders against storing extra foreign currency for profit.
According to authorities, the bank thinks that some commercial banks maintain long-term foreign exchange holdings in order to profit from exchange rate volatility.
The new regulation also included a series of instructions intended to reduce the dangers connected with these activities.
cc: Punch Ng
