JUST-IN: BDCs Not Selling Dollar At N1,000/$1

Contrary to social media reports making the rounds on Facebook and X (formerly Twitter), claiming that a US Dollar was exchanging for between N900 and N1,000 in Abuja on Wednesday, Bureau De Change (BDC) operators have debunked the claim as fake news.

There have been viral posts on Facebook and X that the dollar was selling at N1,000 at the Wuse Zone 4 district headquarters of the forex parallel market in Abuja.

The viral fake post read, “This morning, at Zone 4 Abuja, along the Sheraton Hotel, the dollar is selling at N1,000 – $1. Abdulsalam BDC is selling N900 if buying over $5,000.

“There’s a mad rush to dispose of dollars at Zone 4. The dollar in the parallel market is presently selling at a lower price than the official market.”

Some social media users took to the comment sections of the posts to mock forex speculators, saying they will face the consequences for hoarding the Dollar given the Naira appreciation against the foreign currency at N1,000/$1.

However, when our correspondent visited the epicentre of the parallel market in Wuse Zone 4 in Abuja on Wednesday afternoon, the reverse was the case.

He was informed that $1 sold for N1,352 as at the time of his visit.

“Even the CBN or NAFEX do not sell for N900. The CBN rate to the BDCs as of this morning is N1,251/$1,” one of the BDC operators told our correspondent.