Bureau De Change (BDC) operators in Abuja have shut down businesses over the scarcity of dollars.
This is according to the chairman of the association of BDCs Mallam Abdullahi Dauran who spoke in Abuja on Wednesday.
Dauran linked the move to online business transactions and cryptocurrency, saying the closure of the BDCs will take effect from Thursday, February 1, 2024.
The development is coming as the Central Bank of Nigeria (CBN) ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate.
READ ALSO: Senate Summons CBN Chief Cardoso Over Naira Free Fall
In a new circular released on Wednesday, the apex bank also warned lenders against hoarding excess foreign currencies for profit.
“The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks,” the circular signed by the Director, Trade and Exchange, CBN, Dr. Hassan Mahmud, and representative of the Director, Banking Supervision, CBN, Mrs. Rita Sike.
