Bureau De Change Shut Down in Nigeria’s Capital Due to Lack of Dollars

Currency exchange shops in Abuja, Nigeria’s capital, have closed indefinitely due to a shortage of US dollars.

Nigerians heavily rely on dollars for international transactions.

The chairman of the association stated they closed to express concern over the scarcity, blaming cryptocurrency and online speculators.

This closure coincides with the Central Bank’s efforts to stabilize exchange rates, ordering banks to sell excess dollars by February 1, 2024, and warning against hoarding.

Credit: Adapted from BBC


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