The Naira showed resilience, gaining ground and trading at 1,400 Naira per dollar on the black market despite low compliance among Bureau de Change operators in Abuja. The shutdown was in response to a scarcity of foreign currency, with accusations of hoarding.
Abdulahi Dauran, the association’s chairman, announced the shutdown, emphasizing their lack of access to dollars. He stated that accusations of hoarding were baseless, urging the government to target the actual culprits if needed.
Despite the announcement, BDC operators were actively engaging customers on Sheraton Street at Wuse Zone 4, prompting surprise from customers like Tunde Ogunleye, unaware of the closure threat.
Gidado Ibrahim, a BDC operator, expressed frustration over the rising dollar against the Naira. He urged prompt action from the Central Bank of Nigeria (CBN) and relevant authorities to prevent a complete shutdown of BDC operations.
In Lagos, BDC activities appeared normal, witnessing a significant local currency appreciation. The dollar exchanged at N1,400, an improvement from the previous day’s N1,500.
Operators in Lagos expressed optimism about a potential rate decrease, aligning with the situation in Abuja. Alhaja Hussein Sabo reported a drop from N1,550 to N1,400 for selling and N1,450 for buying.
Mr. Sunday Danladi, Chairman of BDC Operators at Murtala Muhammed Local Airport, Lagos, expressed solidarity with Abuja colleagues but clarified they were not conducting transactions due to dissatisfaction with the current exchange rate.
Economist Paul Alaje emphasized the urgency of addressing Nigeria’s exchange rate problem, suggesting short-term measures such as conducting crude oil transactions in foreign currency to boost forex inflow. He also highlighted the need for a shift in confidence from the Naira to the dollar.
