In Abuja, a recent social media frenzy sparked by claims of the US Dollar exchanging for as high as N1,000 has been debunked by Bureau De Change (BDC) operators. Viral posts circulating on platforms like Facebook and X suggested that the Dollar was commanding prices between N900 and N1,000 at the Wuse Zone 4 district headquarters of the forex parallel market. However, upon investigation, it was revealed that these claims were false.
According to the viral post, the Dollar was purportedly selling at N1,000 with some BDCs even offering rates as low as N900 for larger transactions. This sparked ridicule from some social media users, suggesting repercussions for those hoarding Dollars given the Naira's reported appreciation against the foreign currency at N1,000/$1.
Yet, when reporters visited the epicenter of the parallel market in Wuse Zone 4, they found a starkly different reality. BDC operators informed them that the actual exchange rate was $1 for N1,352 at the time of the visit. Additionally, one BDC operator clarified that even official rates from entities like the Central Bank of Nigeria (CBN) or the Nigerian Autonomous Foreign Exchange (NAFEX) market did not match the purported N900 rate. The CBN's rate to BDCs that morning stood at a notably higher N1,251 for every US Dollar.
