BDC Operators Suspend Operations in Abuja and Kano Amid US Dollar Scarcity
BDC Operators Suspend Operations in Abuja and Kano Amid US Dollar Scarcity
Bureau de Change (BDC) operators in Abuja and Kano have ceased operations indefinitely due to the scarcity of US dollars in the country. Abdullahi Dauran, Chairman of the BDC operators in Abuja, announced the closure, expressing concerns over accusations of hoarding and the involvement of crypto platforms in dollar trading.
In a recent interview, Dauran emphasized their inability to procure dollars and the challenges faced due to the involvement of crypto platforms like Binance in setting dollar prices. He highlighted the discrepancy in dollar pricing, indicating a rate of less than N900 in contrast to the N1,400 quoted by crypto operators.
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Dauran urged government intervention, likening it to the ban on Twitter, emphasizing the adverse effects on the economy and the need for regulation in the cryptocurrency market.
Nura Usman, another BDC operator in Kano, supported the decision, citing the escalating cost of the dollar amid the government’s reluctance to release currency to them. He confirmed the closure’s impact on Abuja and Kano, noting their significance in the country’s market.
