ABUJA BDC OPERATORS SHUT DOWN OPERATIONS OVER DOLLAR SCARCITY
Bureau De Change operators have announced shut down of operations in Abuja as a result of unavailability of dollars, reports the Daily Trust
This was announced by the association’s Chairman, Abdulahi Dauran, on Wednesday.
The naira closed at an all-time low of N1,482 against the United States dollar on the official window on Tuesday while on the parallel market, it remained stable at N1,450/$.
Dauran attributed the closure to online business transactions and cryptocurrency.
He said the closure of business would take effect from Thursday, February 1, 2024.
The development is coming amid fresh moves by the Central Bank of Nigeria to stabilise the nation’s volatile exchange rate.
The apex bank on Wednesday ordered Deposit Money Banks to sell their excess dollar stock by February 1, 2024.
The CBN also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.
The new directive also introduced a set of guidelines aimed at reducing the risks associated with these practices.
More Stories
ATIKU GASLIGHTING NIGERIANS WITH SAME OLD POLICIES – APC
The ruling All Progressives Congress, APC has described the recent policy prescriptions by former Vice President Atiku Abubakar as a...
GUINEA-BISSAU PRESIDENT POSTPONES ELECTIONS INDEFINITELY
Guinea Bissau’s president on Monday officially postponed legislative elections scheduled for November 24, indefinitely prolonging the small West African country’s...
NAF STRIKES KILL TERRORISTS ATTEMPTING TO DISRUPT TRANSMISSION LINE REPAIR
The Nigerian Air Force, on Monday, said strikes from its fighter jets killed several terrorists planning to disrupt the repair...
EQUATORIAL GUINEA OFFICIAL ARRESTED OVER 400 SEXTAPES WITH VIPS’ WIVES, SISTERS
The Director General, National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been arrested for allegedly recording over 400...
OSUN ASSEMBLY PASSES BILLS TO REGULATE LOTTERY, REAL ESTATE SECTORS
The Osun State House of Assembly has passed the Lotteries and Gaming Bill and the Estate Agency Regulatory Authority (Establishment)...
FALANA TO TINUBU: DROP CASE AGAINST 101 PROTESTERS
Human rights lawyer Femi Falana, SAN, has commended President Bola Ahmed Tinubu for directing the Attorney-General of the Federation and...