Following the scarcity of US dollars, Bureau De Change operators, on Wednesday, announced the closure of operations in Abuja.
According to Daily Trust, the announcement was made by the association’s Chairman, Abdulahi Dauran, while attributing the closure to online business transactions and cryptocurrency.
He said the business closure would take effect from Thursday, February 1, 2024.
This is coming amid fresh moves by the Central Bank of Nigeria to stabilise the nation’s volatile exchange rate.
The naira closed at an all-time low of N1,482 against the United States dollar on the official window on Tuesday, while on the parallel market, it remained stable at N1,450/$.
However, the apex bank on Wednesday ordered Deposit Money Banks to sell their excess dollar stock by February 1, 2024.
The CBN also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.