Dollar Scarcity Nationwide As DSS Storms Bureaux De Change Offices Arresting Operators

Officials of the Department of State Services (DSS) yesterday raided the offices of some bureaux de change (BDC) in Lagos, Abuja and arrested operators selling above the stipulated exchange rate of N385 per dollar, forcing dollar scarcity nationwide.

DSS operatives visited Hajj Camp and Murtala Muhammed International Airport and closed BDCs selling dollars above the exchange rate of N385 per dollar.

In a telephone interview with NewsWireNGR Thursday with an Abuja based traveller, Mr Andy Oche, he said the harrasement of the BDC operators has forced operators to hurd sales leading to scarcity of the dollar in the black market..

Mr Oche said, “I am travelling out of the country as i speak, and i have moved from Zone 4 to almost all the hotels and the BDC offices in the FCT, i can’t find dollar to buy, how do i travel out with the naira? why should the President try to control market price? the market world over controls itself”, he said..

“This is the worst form of economy management for any govt ever, why should the President make Nigerians suffer? As i speak those that succeeded in getting the dollar are paying from N500 to N600 as a result of the actions by the security agencies…”

 

The CBN allows each BDC to buy dollars from Travelex at N381 per dollar and sell to end users at N385 per dollar.

After surveying the market for exchange rate offerings, it was gathered that they arrested some BDC operators who sold above the CBN exchange rate of N385.

A BDC trader, who spoke under anonymity, said the arrest had triggered fear among BDC operators.

He said: “I learnt that the DSS are going round BDCs. Yesterday they went to Airport and the Hajj camp, warning them about buying and selling exchange rate. If you sell above N385 per dollar, they will arrest you. So, the whole market is paralysed. Nobody is buying; nobody is selling because you don’t know who you may be transacting with. If anybody asks for dollars, you tell them you don’t have. They want people to be hoarding dollars, and this will strengthen the roadside currency hawkers because when people cannot buy from BDCs, they will be forced to patronise black market operators.”

Another BDC Chief Executive confirmed the development to Vanguard. Speaking on condition of anonymity, she said: “Yes I heard that DSS are raiding the offices of BDCs. Few people confirmed to me that they (DSS) have come to them. They have gone to Hajj Camp and other places, arresting people who are selling above the official rate. Although they are doing it secretly but those who witnessed the arrest have informed us.”