Bureau De Change (BDC) operators in Abuja have decided to close their operations due to a shortage of dollars, as reported by the Daily Trust. The announcement was made by the association's Chairman, Abdulahi Dauran, who cited the unavailability of dollars, online business transactions, and cryptocurrency as contributing factors.

The official window saw the naira reaching an all-time low of N1,482 against the United States dollar on Tuesday, while the parallel market remained stable at N1,450/$. Dauran stated that the shutdown would be effective from Thursday, February 1, 2024.

This development coincides with the Central Bank of Nigeria's recent efforts to stabilize the nation's volatile exchange rate. The apex bank has directed Deposit Money Banks to sell their excess dollar stock by February 1, 2024, and cautioned against hoarding foreign currencies for profit. Officials believe that some commercial banks engage in long-term foreign exchange positions to capitalize on the fluctuations in exchange rates. The new directive also introduces guidelines aimed at mitigating the risks associated with such practices.

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