Dollar not selling at N1,000/- BDCs debunk viral post

Bureau de Change operators in Abuja have dismissed online reports that a US Dollar is exchanging for between N900 and N1,000 in the FCT.  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 reads

“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.”

Dollar not selling at N1,000/- BDCs debunk viral post

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, BDC operators who spoke to Punch dismissed the report saying that the reverse was the case.  Abubakar Abdusallam who operates Abdusallam BDC denied selling FX at the quoted price.

 “Dollar is selling at N1300/$1, not N1000 or N900,” he said

Recently, the Central Bank of Nigeria offered to sell $10,000 to each BDC operator at N1,251/$. The apex bank expects them not to sell above N1,269/$, representing a margin of N18.

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