CEM REPORT, FINANCE | The fear of uncertainty in the parallel market has driven Bureau de change operators in Adamawa State to reject foreign currencies from customers
This is as operators say they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market.
According to the 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 explained that 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 number of goods in stock which they purchased at a 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.”
Daily Trust reports that some customers said 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.