Dollar scarcity: BDC operators shut down operation in Abuja

Dollar scarcity: BDC operators shut down operation in Abuja

Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars.

Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday.

He attributed the development to online business transaction and cryptocurrency.

Daurau said the closure of business would take effect from Thursday, February 1, 2024.

The development comes hours after a senate panel summoned Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over forex crisis.

The summon was through its Committee on Banking, Insurance and other Financial Institutions headed by Senator Adetokunbo Abiru (APC, Lagos).

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Senator Abiru disclosed this while speaking with newsmen after his panel met behind closed doors on Wednesday.

He said the committee, during the meeting, took the decision to summon the apex bank governor to brief the lawmakers Tuesday next week on what is being done to address the economic and Naira value crisis.

Senator Abiru said the state of the economy, especially the inflation index was of great concern to the lawmakers.

He said:“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved and will communicate to the governor of the Central Bank after which we will have further communication with members of the press.”

Naira continued its free fall on Tuesday, sinking to a record low of N1,482.57 per dollar following demand on the official market.

Dollar scarcity: BDC operators shut down operation in Abuja