Customers Stranded As BDCs In Abuja, Kano, Lagos Shutdown

Customers are trapped as BDCs close due to dollar increase in Abuja, Kano, and Lagos

The move by the association is linked to the spike in the dollar, which closed around N1,520 at the BDC segment on Wednesday.

The Association of Bureau de Change Operators of Nigeria, which represents bureau de change operators, has suspended operations due to the increase in the value of the dollar.

Operators in Zone 4, a center for illicit foreign exchange, who are members of the Abuja Bureau de Change Association, have also ceased operations.

The FX hub, important locations in Abuja for obtaining foreign exchange, including the Zone 4 Plaza, Musawa Plaza, Bulama House, Fabdal Plaza, and Baura House, were all closed for business.

The association's taskforce was fully engaged on Thursday, MON DIARIES observed, to ensure compliance and apprehend BDC operators who were buying or selling forex.

Bulama House, Wuse, Abuja's Zone 4 Plaza The taskforce representing the union sent back customers who were ready to buy or sell dollars.

The association's action is related to the dollar's surge, which ended Wednesday's BDC segment trading at about N1,520.

The value of the naira at the Nigerian Autonomous Foreign Exchange Market decreased to approximately N1,480 from N900 in December 2023.

“The dollar is on the rise today, and every Nigerian is blaming the BDC operators. They said we are responsible. So, we want to show our innocence using this action,” one of the operators said.