Bureau De Change (BDC) operators in Nigeria are struggling to stay afloat as the Central Bank of Nigeria (CBN) halted dollar allocations to their sector, leading to a severe shortage of foreign currency.
Many operators are barely surviving, with empty offices, unpaid staff, and a market that has come to a near standstill.
The CBN’s decision has pushed BDC operators to rely on walk-in customers selling small amounts of foreign currency, but even this flow has slowed dramatically.
With demand for physical dollars dropping sharply, many operators have cut staff or temporarily shut down to reduce costs.
The forex squeeze has real consequences for ordinary Nigerians, including higher rates on the parallel market, increased prices for imported goods, and inflationary pressures.
Economists warn that without a functioning retail forex channel, Nigeria risks widening the gap between official and parallel market rates, undermining investor confidence and squeezing consumers further.
