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
JUST IN: IRAN’S PRESIDENT RAISI, OTHERS CONFIRMED KILLED IN HELICOPTER CRASH
Iranian state TV has confirmed the deaths of President Ebrahim Raisi and his foreign minister Hossein Amir-Abdollahian in a helicopter...
LAGOS ARTIST JAILED SIX MONTHS OVER LOVE SCAM
Justice I.O. Ijelu of the Lagos State High Court, Ikeja, has sentenced one Roland Esin Mana, a Graphic Artist,...
OFFICIAL: HAALAND WINS EPL GOLDEN BOOT FOR 2ND SEASON IN A ROW
The Premier League Officially announced Manchester City striker Erling Haaland as the winner of the 2023/2024 Golden Boot Award after...
BREAKING: MAN CITY CROWNED 23/24 PREMIER LEAGUE CHAMPIONS FOR UNPRECEDENTED FOUR TIMES IN A ROW
Man City have been crowned Premier League champions for an unprecedented four consecutive times. Phil Foden scored twice for Man...
BREAKING: HELICOPTER CARRYING IRAN’S PRESIDENT CRASHES
On Sunday, a helicopter carrying Iranian President, Ebrahim Raisi, has been involved in an incident while he was visiting neighbouring...
IMO: SIX DEAD, MANY INJURED AS TRAILER CRASHES INTO FOUR BUSES AT IMSU JUNCTION
Agency Report Not less than 6 people have reportedly lost their lives while many others sustained injury in a fatal...