Solution:
Add the code in the functions’ theme file.
add_action('bp_ajax_querystring','bpdev_exclude_users',20,2);
function bpdev_exclude_users($qs=false,$object=false){
//list of users to exclude
$excluded_user=bp_loggedin_user_id();//comma separated ids of users whom you want to exclude
if($object!='members')//hide for members only
return $qs;
$args=wp_parse_args($qs);
//check if we are searching or we are listing friends?, do not exclude in this case
if(!empty($args['user_id'])||!empty($args['search_terms']))
return $qs;
if(!empty($args['exclude']))
$args['exclude']=$args['exclude'].','.$excluded_user;
else
$args['exclude']=$excluded_user;
$qs=build_query($args);
return $qs;
}