…Some.Local Airlines bookings now in dollars
The Association of Bureau De Change (BDC) Operators has closed shops for transactions today, 1st February 2024.
It was gathered by newspot correspondent that the operators agreed not to sell US Dollars to customers due to the unstable slide in the value of the naira against the dollar.
However one of the operators Salami said yesterday Wednesday 31 January “we sold a dollar to N1, 500 but today it came down to N1,250.”
The Union lamented that its members were being blamed for the continued fall in the value of the naira.
We will resume next tomorrow Friday 2 January 2024, and the rate should be less than N1,500/$,” a source in the BDC said on Wednesday.
From Abuja chapter of the Association of Bureau De Change (BDC) Operators shut down their business premises forThursday, February 1, 2024. Though few of them that attended to some customers in the morning sold for N1, 250
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.
Meanwhile, in an effort to stabilize the fluctuating exchange rate, the Central Bank of Nigeria (CBN) has issued a directive for Deposit Money Banks to offload their excess dollar reserves by February 1, 2024.
This move, disclosed in a circular released on Wednesday, was part of the CBN’s broader strategy to address the volatility in the foreign exchange market.
The central bank has raised concerns that some commercial banks have been maintaining long-term foreign exchange positions to profit from the fluctuations in exchange rates.
The new guidelines, as outlined in the circular titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” aim to mitigate the risks associated with these practices.
In a related development, some local airline operators have started selling tickets online in dollars.
For those who want to book will have to convert to Naira in the current rates on black market.
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