Reduction of operational hours at Kano Bureau De Change Market has led to drop in dollar rate – Chairman

The Chairman of the Kano Bureau De Change Parallel Exchange Market, Sani Dada, says the reduction of operational hours has helped in reducing the exchange rate of dollars by about N300.

According to him, they are changing one hundred dollars to N1,450.

Dada, who said that they have refused to join their colleagues in Abuja to completely shut down the market in protest over the high exchange rate of the dollar, noted that one cannot operate foreign exchange market offline and expect results.

He said as at Wednesday morning when they introduced the new measures by reducing operational hours from 12:00 pm to 6:00 pm, the dollar rate dropped by N300.

Dada said the exchange rate is rising because the Nigerian Government refused to allocates dollars, while it is very scarce in the Parallel Exchange Market.

“I’m appealing to the Federal Government to open allocation of dollars, not even to us but to marketers and importers and exporters so that there will be enough dollars to circulate.

“Right now there is not much, both in the hands of the banks and in our hands.

“Lack of enough dollars in circulation is responsible for the hyper rise in the prices of goods and services. So government should rise to the occasion and ensure availability of dollars, not only for us but also for other windows to reduce the hardship.”

The chairman of the Kano Bureau De Change Parallel Exchange Market added that government should allow exporters to transport their goods easily to foreign countries.