US Dollar to Naira: How Tinubu Government Sent DSS Operatives to BDC Office in Abuja – Reports Claim

Reports emerged on Thursday that President Bola Ahmed Tinubu's government was responsible for the closure of Bureaux De Change in Abuja, Nigeria's capital, earlier today.

It was gathered that the operators have agreed not to exchange US dollars for Naira for Nigerian customers due to the continued decline in the value of the naira against the dollar.

The Union regretted that its members are being blamed for the continued decline in the value of the naira.

To this end, the BDC operators today agreed to adopt a 'no selling policy', after serious deliberations on how to reverse the fall of the naira.

However, SaharaReporters claims to have obtained information from insiders that the Tinubu government has instructed the Department of State Services (DSS) to force the BDCs to close down to save the government's reputation amid the significant depreciation of the naira .

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By following these instructions, the DSS is said to have taken control of the market while the government made desperate efforts to stabilize the naira and protect its image.

Earlier on Tuesday, data from the FMDQ Exchange revealed that the Nigerian naira hit an all-time low against the dollar in the official market.

It was also reported that the currency fell below the rates on the unofficial parallel market during intraday trades.

FMDQ data showed that the naira fell to a low of 1,531 against the dollar during Tuesday's trading, compared to the parallel market rate of 1,460 naira. Ultimately, the coin closed at 1,482.57 naira on the official market, as reported by FMDQ.

This recent depreciation occurred after the FMDQ OTC Securities Exchange, the market regulator, announced that it had revised its methodology for calculating the currency's closing prices. The revised methodology now includes more data, resulting in changes to the calculated levels.

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The Nigerian currency, the naira, has undergone a significant depreciation of around 40% since the beginning of this year. This depreciation is attributed to increasing demand for foreign currency from unofficial sources due to shortages in the West African country. As a result, the official exchange rate has been gradually aligned with the parallel market rate.

In response to this situation, the Central Bank of Nigeria has issued a warning to financial institutions over the under-reporting of transactions in the financial market.

This practice not only leads to the spread of inaccurate information, but also facilitates attempts to manipulate market prices and create distortions.

The apex bank has emphasized that any involvement in such activities will be punished with appropriate sanctions.

“The Tinubu government has closed the BDC centers in Abuja. They were actually forced to close due to the free fall of the naira.

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“DSS has taken over the market at this point,” one of the sources reportedly said.

It added: “It is all to save face as the situation is becoming embarrassing for the government.”

“However, the Lagos market is still open but in panic. On Wednesday, we did N1,520 to a dollar.

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