Dollar Isn’t Selling for N1,000/$, Bureau De Change Employees Disprove Social Media Post

Bureau De Change (BDC) operators have denied recent reports that were spreading on X, previously Twitter, claiming that the dollar is currently selling in Abuja’s secondary market at a frightening rate of N1,000. The PUNCH says that prominent BDC operator Abubakar Abdusallam refuted these assertions, emphasizing that the dollar is now selling at N1300/$1, not at the rumored prices of N1,000 or N900. CONTINUE FULL READING>>>>>

Additionally, a purported eyewitness present at the alleged location of the transaction, Sheraton Hotel Zone 4, denounced the rumors as “fake news,” further discrediting the sensationalized reports. The Central Bank of Nigeria recently made efforts to stabilize the foreign exchange market by offering BDC operators $10,000 each at a regulated rate of N1,251/$, with an expectation that they would not exceed N1,269/$, maintaining a narrow margin. As the controversy unfolds, Aminu Gwadabe, President of the Bureau De Change Association of Nigeria, remains unavailable for comment at the time of this report.