Manny Ita
The scarcity of US dollars has forced Bureau de Change (BDC) operators in Abuja to shut down their businesses indefinitely, starting February 1st. This move highlights the ongoing struggle with the Naira’s depreciation against the dollar, causing difficulties for individuals and businesses needing access to foreign currency.
The chairman of the Abuja BDC association attributed the closure to several factors, including online transactions bypassing their services and the increasing popularity of cryptocurrency, further limiting dollar availability. Additionally, the Central Bank of Nigeria’s (CBN) recent directive for banks to sell excess dollar holdings has yet to yield significant results, leaving BDCs struggling to source dollars.
This shutdown adds to the concerns about the volatile exchange rate and its impact on the Nigerian economy. With limited access to dollars, businesses may face challenges importing goods and individuals may struggle to make international payments. The CBN’s actions might provide some relief, but their effectiveness and the BDCs’ return to normalcy remain uncertain.
