Nigeria’s Bureaux De Change Shutdown in Abuja

Nigeria’s President Bola Tinubu’s government has shut down Bureaux De Change in Abuja, citing the free fall of the naira. The Department of State Services (DSS) was directed to force the closures to save face.

The naira dropped to a record low against the dollar on the official market, and slipped below rates on the unofficial parallel market.

In order to prevent misinformation, pricing distortions, and market manipulation, the central bank has issued warnings to lenders regarding underreporting transactions.

Meanwhile, the Abuja chapter of the Association of Bureau De Change (BDC) Operators announced the closure of their business premises indefinitely from Thursday. The government’s frantic effort to stabilize the naira and save face has led to the naira dropping by around 40% since the start of the year.