It has been revealed that President Bola Tinubu’s government is responsible for the closure of Bureaux De Change (BDCs) in Abuja, the capital of Nigeria. Sources indicate that the government, in an attempt to save face amid the free fall of the naira, instructed the Department of State Services (DSS) to force the BDCs to shut down.
The DSS reportedly took control of the market as part of the government’s efforts to stabilize the naira. The official market witnessed a record low for the naira against the dollar, prompting regulatory interventions.
The currency dropped to 1,531 naira to the dollar during Tuesday’s trading, reflecting a significant decline since the start of the year. The official exchange rate is converging with the parallel market due to foreign currency shortages in Nigeria.
The government’s decision to close BDC centers in Abuja was driven by the urgency to address the currency’s decline. The DSS has taken charge of the market to mitigate the situation, particularly as it was becoming increasingly embarrassing for the government.
While the Lagos market remains open, reports suggest it is in a state of panic, with the exchange rate reaching N1,520 for a dollar on Wednesday. The Association of Bureau De Change Operators in Abuja announced the indefinite closure of their businesses, attributing it to the scarcity of US dollars worsened by online banking and cryptocurrency transactions. However, it is now revealed that the closure was a directive enforced upon the association.
