The Abuja chapter of 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.
Our source reports that despite the Central Bank of Nigeira (CBN) clearing off the verified backlog of foreign exchange claims owed foreign airlines on Tuesday, the value of the Naira at the official market dipped significantly at the official end of the market with some trades closing at N1,513 per dollar.
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The closing rate at the Nigeira Autonomous Foreign Exchange window (NAFEX) closed on Tuesday night at N1,482.57 to the dollar, a bit higher than N1,460 that the greenback sold on the streets.
On Tuesday, the parallel market maintained its exchange rate, holding steady at N1,460/$1, without any depreciation.
According to data from the FMDQ website, the daily turnover for Tuesday was quoted at $72.33 million, marking a 12.50 per cent increase from the $64.29 million recorded on Monday. At the end of trading on Tuesday, the highest spot rate was N1,531 to the dollar, while the lowest spot rate recorded was N789 to the dollar.
Source: Ledership Newspapper