The Abuja Chapter of the Association of Bureau De Change (BDC) Operators has declared an indefinite closure of their business premises, effective Thursday, February 1, 2024.
The decision, influenced by a ‘no sales policy’ implemented by the BDC union, aims to address the continuous depreciation of the naira. The closure follows media reports indicating a surge in the dollar’s value to N1,500, leading to blame on black market operators.
Abdullahi Dauran, the association’s Chairman, attributed the situation to the scarcity of the US dollar, exacerbated by online banking transactions and cryptocurrency activities. The market is set to reopen with an expected rate below N1,400/$.
