x

Naira continues to appreciates, BDC operators reject Dollars in Adamawa

Bureau de change operators in Adamawa State are rejecting foreign currencies from customers due to growing uncertainty in the parallel market.

Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market.

Chairman, Bureau De Change operators Association in Adamawa State, Lawan Mai Yasin, said the traders incurred heavy losses after they bought a dollar at around N870 from sellers before it suddenly crashed to N680.

He said many trades were wary of the situation which still looked bleak for the parallel market and decided to hold on and monitor the trend to avoid further losses.

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

Some customers said that the bureau de change operators refused to buy dollars and other foreign currency notes from them during the weekend.

“Only one bureau de change agreed to buy dollars from me on Saturday because they had it in stock and did not want to risk buying more when the price was falling dramatically. Even when I found a buyer on Sunday the price was too low, that I decided to keep my money for now”, a customer working with a foreign company said.

Hot this week

FG, Senate Leaders Head to Washington to Avert U.S. Sanctions Over Alleged Christian Genocide

 Top officials from the Federal Government and the National...

DSS Nabs 3 Gunrunners Supplying Arms to Bandits in Kaduna

The Department of State Services (DSS) has arrested three...

NCDC CEO Congratulates Dr. Bernard Doro on Ministerial Nomination, Commends Tinubu’s Choice

From Abel Zwanke, LafiaThe Managing Director and Chief Executive...

Minister’s Aide Empowers 300 Pupils in Lagos Through School Support Initiative

By Israel Adamu, JosThe Abosede Tomori Foundation (ATF)...

Bingham University, commissions multipurpose laboratory, office complex

By Israel Adamu,JosBingham University, Karu,on Thursday achieved...

Today’s Headlines: Galatasaray Recoup €31m From Osimhen Deal; ‘Nigeria...

Sunday, 26 October 2025 Premier League15:00 CET AFC BournemouthvNottm Forest ...

TCN Tower Vandalized on Gombe–Damaturu 330kV Line, Disrupting Power Supply to Northeast

By Jabiru HassanThe Transmission Company of Nigeria (TCN) has...

FG Launches Made-in- Nigeria Mobile App to Boost Community Healthcare Services

By Joyce Remi-BabayejuThe Federal Government has launched a...

Hazras Charity Foundation Concludes Educational Kits Distribution in Kano, Expands to Jigawa State

By Jabiru HassanThe Hazras Charity Foundation, a delivery partner...

Kaduna Women Journalists Urge Government Action on Poor Power Supply, Commend State’s Climate Efforts

By Achadu Gabriel, KadunaThe Nigeria Association of Women Journalists...

Gov. Ododo Hails Appointment of Maj.-Gen. Waidi Shaibu as New Chief of Army Staff

By Noah Ocheni, LokojaKogi State Governor, Alhaji Ahmed Usman...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

Related Articles

Popular Categories

spot_imgspot_img