BDC Operators Suspend Operations Due to Dollar Scarcity

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Bureau De Change (BDC) operators in Abuja have announced the suspension of their operations due to the unavailability of dollars.

Mallam Abdulahi Dauran, Chairman of the Association, made this announcement in the nation’s capital on Wednesday, attributing the decision to factors such as online business transactions and cryptocurrency.

The closure of BDC operations will take effect from Thursday, February 1, 2024. This development follows closely after a senate panel summoned Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), over the forex crisis. The summon was issued by the Committee on Banking, Insurance, and other Financial Institutions, led by Senator Adetokunbo Abiru (APC, Lagos).

Senator Abiru revealed that the committee, during a closed-door meeting, decided to summon the CBN governor to provide insights on measures being taken to address the economic challenges and the depreciation of the Naira. The move reflects the government’s acknowledgment of the severity of the forex crisis and its commitment to finding viable solutions to stabilize the economy and restore confidence in the Naira.

Source: PARROT NIGERIA NEWS

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