Fear of unknown has gripped the Lagos bereau de change over possible shut down as Federal Government has shutdown their Abuja Counterpart.
The DSS has taken over bureau de change market in Abuja amid the government’s efforts to stabilise the naira.
Recall that the Nigeria’s naira dropped to a record low against the dollar on the official market on Tuesday, FMDQ Exchange data showed on Wednesday.
The currency slipped below rates on the unofficial parallel market in intra-day trades, as reported by Reuters on Wednesday.
The naira fell as low as 1,531 to the dollar during trading on Tuesday, FMDQ data showed, compared with 1,460 naira quoted on the parallel market.
According to FMDQ, the currency later closed at 1,482.57 naira on the official market.
This present fall took place after market regulator FMDQ OTC Securities Exchange revealed that its methodology for calculating closing rates on the currency was revised last Friday to include more data, and that the levels on its computation had changed.
Presently, the naira has lost around 40% since the new year and its official exchange rate has been drifting towards the parallel market level as foreign currency shortages in the West African nation funnel demand to unofficial sources.
The central bank however has warned lenders about underreporting transactions on the financial market, leading to misinformation, attempts to create price distortions and market manipulation, and said such activity would be sanctioned.
Source had revealed that the DSS has taken over the Abuja market whereas the Lagos market is still open though in panic mode.
Recall that the Abuja chapter of the Association of Bureau De Change (BDC) Operators earlier announced the closure of their business premises indefinitely from Thursday as a result of dollar scarcity of US dollars, compounded by online banking and cryptocurrency transactions as claimed by the chairman, Abdulahi Dauran.
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