The Abuja chapter of the Association of Bureau De Change (BDC) Operators has announced the indefinite closure of their business premises starting February 1, 2024.
The scarcity of US Dollars is cited as the primary reason for this decision, with the association’s chairman, Abdulahi Dauran, pointing to online banking transactions and cryptocurrency as contributing factors.
Despite the Central Bank of Nigeria (CBN) clearing the verified backlog of foreign exchange claims owed to foreign airlines on Tuesday, the official market witnessed a significant dip in the value of the Naira.
Some trades closed at N1,513 per dollar, highlighting the ongoing challenges in the foreign exchange landscape.
The Nigeria Autonomous Foreign Exchange window (NAFEX) reported a closing rate of N1,482.57 to the dollar on Tuesday, slightly higher than the street rate of N1,460 for the greenback.
The parallel market maintained its exchange rate at N1,460/$1 without depreciation.
Moreover, the official Investors and Exporters (I&E) Window saw the Naira closing at N1,482.57, reflecting a 9.94% decline or a loss of N133.95 compared to the previous day’s rate of N1,348.62.
Data from the FMDQ website reveals that the daily turnover for Tuesday amounted to $72.33 million, marking a 12.50% increase from the $64.29 million recorded on Monday.
The highest spot rate reached N1,531 to the dollar, while the lowest spot rate recorded was N789 to the dollar at the end of Tuesday’s trading.
