Exchange rate
EKO HOT BLOG reports that the Association of Bureau De Change (BDC) Operators has reportedly decided that members will not open the market for transactions today, 1st February 2024.
This online meia platform understands the operators have agreed not to sell US Dollars to customers due to the continued slide in the value of the naira against the dollar.
The Union lamented that its members are being blamed for the continued fall in the value of the naira.
To this end, the BDC operators agreed to carry out a ‘no sales policy’ today after serious deliberations on how to reduce the fall of the naira.
“Nobody is coming to market tomorrow (today). We want to close the market because, honestly, the naira is just crashing anyhow. This was caused by some media reports this week that the dollar was now selling for N1,500 even though we were still selling at N1,400. Now everybody is blaming black market operators and that’s why we decided that the market will remain closed tomorrow (today).
“We will resume next tomorrow (tomorrow), and the rate should be less than N1,400/$,” a source in the BDC said on Wednesday.
Similarly, the Abuja chapter of the Association of Bureau De Change (BDC) Operators has announced the closure of their business premises indefinitely from Thursday, February 1, 2024.
The chairman of the Association, Abdulahi Dauran, said the scarcity of US Dollars was responsible for their decision while adding that online banking transactions and cryptocurrency were behind the scarcity of dollars.
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