Abuja, Feb. 1, 2024 – There were fears among foreign exchange traders in Abuja on Thursday over the new steps of the Central Bank of Nigeria which have brought the official and black markets rates near convergence.
The new initiatives of the CBN saw the official exchange rate of the naira closing at N1455 to the dollar on Wednesday.
Many of the traders in Abuja closed their shops on Thursday morning on anxiety over the likely implications of the foreign exchange rates convergence on their business.
Major foreign exchange outlets in Abuja, particurly the Wuse Zone 4 market, the Musawa Plaza, Bulama House, Fabdal Plaza and Baura House were all shut.
Some of the traders attributed their decision to instructions from their union.
One of the market leaders expressed fears at the rate at which the official exchange rate was catching up with their rates.
Mallam Ibrahim at Wuse Zone 4 said: “The naira just de go up. The official rate has fallen so much that it’s almost the same as what we offer here. There’s no profit in selling dollars anymore.”
Sanity, however, returned to the outlets later in the afternoon as most of them returned to their shops. (GBN)
