Air passengers were thrown into confusion at the weekend when Bureau de Change (BDC) outlets at international airports nationwide declared foreign exchange, especially dollar, out of stock.

Notable BDCs like Travelex, Sulah, Bossy Clean Exchange and Ibro Resources that had often sold at about N400 to a dollar, all declared “no dollar” to all outbound passengers.

Intending passengers travelling on business trips were forced to devise alternative means to go on with their travel plans or simply returned home after loitering around the unyielding BDCs.

Travel agents, who blamed the BDCs for hoarding, were worried about the development, describing it as “killing” to the air travel business and loss of revenue to parties concerned.
A visit to the Murtala Muhammed International Airport (MMIA), Lagos, yesterday revealed that though the BDCs were open to customers, none of them was ready to sell. Electronic boards indicated “we buy N398 to $1” and “sell for N400 to $1.” Except for Travelex that boldly pasted: “Sorry, we are out of stock”, others merely turned back travellers with “no dollar” response.

An official of Sulah BDC told The Guardian that they had no dollar to sell because “people have failed to sell to us.”

A Dubai-bound passenger, Elizabeth, said the BDCs had often been the most reliable source for travellers to get dollar and at comparatively good rate, but was surprised to find them with no stock since last week.

She said: “I’ve been searching for a dollar equivalent of just N4 million since last week. I was actually prepared to travel only to find that there was no dollar anywhere. Ordinarily, Travelex would still have given $1000 if you can prove that you are travelling and go on to buy from others at higher rates. This time, none of them wanted to sell a cent. It is so pathetic.”

Meanwhile, on the streets and outside the airport, mobile BDCs otherwise called mallams were selling in trickles of $100 at N510 to N550.

Eniola Adesanya, who is bound for United States, had to do “trade by barter” with some overseas-based family members planning to send some money to their relatives in Nigeria.

Adesanya told The Guardian that the method was her saving grace. “I had to start calling them to ask if they plan to send money to Nigeria. It is like giving them a loan, which I have paid to their relatives here. So, they will give me a refund in dollar in the United States.

“It was through the same means that I bought a ticket from the U.S. There is no dollar here and the airline is not accepting naira for purchase. My method is funny, but otherwise I would still not be able to travel, as the visa will soon expire. It is so crazy around here. May God have mercy,” she said.
The President of the National Association of Nigerian Travel Agencies (NANTA), Bernard Bankole, blamed the situation on artificial scarcity that should not have happened in an ideal setting.

According to Bankole, “There is no reason for this scarcity because the official rate has not moved and the rate we get tickets has not gone up either. The official rate is still at N305 or N306 and the black market is doing at N520 to N525. But the round tripping has increased. So, people are envisaging that there may be devaluation so that they can make more money. That is the unfortunate situation.

“The Central Bank of Nigeria (CBN) is holding the country to ransom, and it is a shame. I believe if they have lost how to manage their forex policy, they should just resign and go away, rather than put the whole nation to shame. Because that is exactly what we are seeing now,” he said.

http://m.guardian.ng/news/passengers-groan-under-dollar-scarcity-hoarding-at-airports/F

Bode Chris

It's so pathetic and killing businesses. Have been to five branches of a commercial bank today and it's still the same story.

Hoarding to sell at a higher price.

Osinbanjo oya oooo

Wonderful...this is embarrassingly unbelievable but since it's happening in Nigeria, I believe.

the oloshi leave us for RECESSION kan run go enter COMA for london...... na use less ani mal him be

Ghen ghen

Got loads of dollar for sale. 1k per $

Lala the headline is posted twice on the front page. Pls delete one

Na now e show for news? E dun tey dem dy empty....

Pls, they should open forex naaa... Haba... Them too stingy for that seat... Haba

Uhmm

If this madness go beyond 10 days, demands will go higher and $1 will likely be 800 naira.

Useless President

.

Till Nigerians learn that Buhari is responsible for 80 percent of the backwardness of Nigeria since independence they will continue to suffer till they realise Babangida was a hero for overthrowing Buhari in 1986

Bro dollar u mean?

Boboforthegirls:
Uhmm

. ....No!!! Ask Andrew Yakubu and Co Ltd

Buhari has failed again.
He has finished us.

Real problem in this country ONLY us can profer the solution.

Corruption.
Economy recession.
Different companies downsizing & folding up.
Presidential allies not sincere.

God will not come down in person. UK, Australia, Canada & USA collectively built their country, that's why they get jealous when someone just come in to misbehave.

Toh! The dollar don kuku finish! No exchange rate again!

But before una conclude say nah finish e finish, mak una go check all these remote villages up North. Some pieces fit dey one old mama Ouse n she no knw.

This is serious.

We can use Andrew Yakubu's dollar for the time being na

Mr Yakubu where are the rest?

Some useless wailers would cme here to shout Buhari yet dey hail the likes of Yakubu Andrew