Audio By Carbonatix
Bureau De Change in Nigeria’s capital Abuja has ceased operations indefinitely as a result of dollar scarcity.
Nigerians rely on the American currency to carry out international financial transactions.
Abdulahi Dauran, chairman of the association, told the BBC they took the decision to show Nigerians that they are concerned by the dollar scarcity, which he blamed on cryptocurrency and online speculators.
“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," he said.
Mr Dauran added: “The situation is made worse by speculators such as Binance and Aboki website and Nigerians hugely rely on them.”
The development is coming amid fresh moves by the Central Bank to stabilise the country’s volatile exchange rate.
The apex bank has ordered banks to sell their excess dollar stock by February 1, 2024.
They also warned lenders against hoarding excess foreign currencies for profit.
Latest Stories
-
Flood prevention requires collective action, not seasonal reactions
3 minutes -
China detains two leaders of influential underground church
4 minutes -
African brands gain modestly in consumer admiration, but global giants still dominate
5 minutes -
Ghana has only two functional MRI machines in public hospitals – MahamaCares Assessment
37 minutes -
IMF chief says no global slowdown in sight yet, but risks high
39 minutes -
Advancing Ghana’s position in Global Business Services at the Executive Roundtable in London
40 minutes -
Trump says the US and Iran have signed a deal to end the war
42 minutes -
Brazil woman dies after rope-jumping instructors fail to attach cord
46 minutes -
Report on Big Push procurement allegations to be published on Tuesday – Kwakye Ofosu
47 minutes -
Roads Ministry did not breach PPA laws in Big Push contracts – Kwakye Ofosu
48 minutes -
Gov’t defends single-source procurement in Big Push contracts, cites urgent national considerations
49 minutes -
Fox to buy Roku streaming firm in $22bn deal
49 minutes -
Maverick Research appoints former NielsenIQ Executive Justin Sargent as strategic advisor
53 minutes -
Agyinasare storms Pakistan with leadership conference and miracle crusade
59 minutes -
Prayer Palace Church raises concerns over alleged encroachment on property by Chinese national
1 hour