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- Dealers blame crypto, online banking
Bureau De Change operators in Abuja have become one of the casualties of the worsening foreign exchange scarcity, as they have formally announced an indefinite shut down of their businesses effective February 1.
The frustrated dealers are blaming online banking transactions and cryptocurrency as causative factors mopping up forex and leaving them with the shorter end of the stick.
The Abuja chapter of the Association of Bureau De Change (ABDC) operators announced the suspension of operations in a statement.
The chairman of the Association, Abdulahi Dauran, said there was no need to come to the premises when there is no foreign exchange to trade.
Meanwhile, the naira has continued its rapid slump at the parallel market, dipping to N160/$1.
However, the Central Bank of Nigeria (CBN) has been racing against time to clear legitimate FX backlog to win back fleeing investors and bring some stability in the money market.
