There have been viral posts on Facebook and X that the dollar was selling at N1,000 at the Wuse Zone 4 district headquarters of the forex parallel market in Abuja.

The viral fake post read, “This morning, at Zone 4 Abuja, along the Sheraton Hotel, the dollar is selling at N1,000 – $1. Abdulsalam BDC is selling N900 if buying over $5,000.

“There’s a mad rush to dispose of dollars at Zone 4. The dollar in the parallel market is presently selling at a lower price than the official market.”

READ ALSO: Central Bank of Nigeria Revokes Licenses of Over 4,000 BDC Operators

Some social media users took to the comment sections of the posts to mock forex speculators, saying they will face the consequences for hoarding the Dollar given the Naira appreciation against the foreign currency at N1,000/$1.

However, when our correspondent visited the epicentre of the parallel market in Wuse Zone 4 in Abuja on Wednesday afternoon, the reverse was the case.

He was informed that $1 sold for N1,352 as at the time of his visit.

READ ALSO: Peter Obi- Crackdown on BDCs Will Worsen Forex Crisis

“Even the CBN or NAFEX do not sell for N900. The CBN rate to the BDCs as of this morning is N1,251/$1,” one of the BDC operators told our correspondent.

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In its ongoing efforts to stabilize the naira, the apex bank disclosed this latest action in an official statement.

A total of 4,173 BDCs were affected, according to the statement, with a comprehensive list made available on the CBN’s website.

“The Central Bank of Nigeria (CBN), empowered by the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators,” the statement read.

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The reasons cited for the revocation included failure to adhere to regulatory provisions such as timely payment of fees, submission of required returns, and compliance with CBN directives, particularly those related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

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He argues that such actions, instead of addressing the underlying issues, will exacerbate the already critical exchange rate situation in the country.

Expressing his concerns on his verified Facebook page, Obi highlighted the integral role played by BDCs in every economy, even in developed nations.

He emphasized that blaming BDCs for the depreciation of the Naira is shortsighted and ignores broader economic realities.

Obi stressed that to stabilize the currency’s value, Nigeria must transition from a consumption-based economy to one driven by production, particularly export-oriented production.

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Additionally, he underscored the importance of combating corruption, which fuels the demand for foreign currency by enabling the circulation of unproductive funds.

He cautioned government authorities against misconceptions about the function of BDCs and urged them to align their strategies with the principles of modern economic dynamics.

READ ALSO: CBN Discovers Forex Market Infractions, Vows Sanctions Against Abusers

Obi’s remarks come amid growing concerns about Nigeria’s economic stability and the effectiveness of government measures to address currency depreciation and forex shortages.

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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.

Additionally, 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.

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

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