Bureau De Change Closes Shop In Nigeria’s Capital

Add a Comment 92 Views
1 Min Read
Mediaage NG News – ABUJA, Nigeria

Bureau De Change operators in Abuja, Nigeria’s capital have gone on indefinite closure, as a result of dollar scarcity.

Chairman of the association, Abdullahi Dauran said they took the decision in show of concern to Nigerians of the dollar scarcity. He also blamed it on online speculators and crypto currency.

- Advertisement -
Ad image

Nigerians heavily rely on the dollar currency to carry out international financial transactions.

“The reason why we want to close the Bureau market is that we want people to know that we are also worried by what is happening”, Mr. Dauran said.

“The situation is made worse by speculators such as Binance and Aboki website and Nigerians hugely rely on them”, he added.

Before now, the Central Bank of Nigeria has already made moves to stabilise the country’s volatile exchange rate. It ordered banks to sell their excess dollar stock by February 1, 2024.

In addition, the CBN warned lenders against hoarding excess foreign currencies for profit.

- Advertisement -
Ad image
Share This Article
Leave a comment