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Bureau De Change Operators Stop Accepting Dollars In Exchange For Naira In Adamawa

For about 48 hours, the operators have rejected dollar bills from sellers due to growing uncertainty in the parallel market.InformationGuideNigeria 

Following its decline against the naira from N870 to approximately N680, operators of Bureau De Change in the state of Adamawa have temporarily ceased processing transactions in US dollars, SaharaReporters has learned.

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Due to the escalating ambiguity in the parallel market, the operators have been turning down dollar notes from vendors for nearly 48 hours.

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The abrupt and ongoing decline in the value of the dollar, which has destabilized the parallel market, has caused losses for some of the vendors at the Jimeta Modern Market in Yola, the state capital, over the weekend.

A dollar was purchased from sellers for about N870 before it abruptly dropped to N680, according to Lawan Mai Yasin, the chairman of the Bureau in Adamawa State. As a result, the dealers suffered significant losses, he claimed.

He explained that many traders were apprehensive about the situation which still looked bleak for the parallel market and as such “we’ll hold on and monitor the trend to avoid further losses.

“Traders have a large number of goods in stock which they purchased at a high price before the prices suddenly nosedived and continued to go down at the weekend, so with the uncertainty in the market, many of us are no longer buying for now,” Mai Yasin said.

Kenneth Dlazma, an expatriate told SaharaReporters that he was unable to sell dollars at the weekend because of low pricing.

“A guy who agreed to buy from me priced it ridiculously low; I think there’s an excess of the hard currency in stock,’ Dlazma said.

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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