Currency exchange services in Abuja, Nigeria’s capital, have halted operations indefinitely due to a scarcity of dollars, impacting Nigerians who rely on the US currency for international transactions.
Abdulahi Dauran, chairman of the association, explained that this decision aims to express solidarity with Nigerians affected by the dollar scarcity, attributing it to cryptocurrency and online speculation.
“We want to close the Bureau market to demonstrate our concern about the dollar scarcity,” he emphasized, citing platforms like Binance and Aboki website as exacerbating the situation.
CBN orders banks to sell excess dollars in 24 hours pic.twitter.com/ci21E1d2Uq
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This development coincides with efforts by the Central Bank to stabilize Nigeria’s volatile exchange rate. The apex bank has mandated banks to divest excess dollar reserves by February 1, 2024, and cautioned against hoarding foreign currencies for profit.