Dollar Not Selling at N1,000/$1.. BDCs Dismiss Viral Post

Soukaina Sghir
Soukaina Sghir
2 Min Read

Operators of “Bureau De Change” (BDC) have denied rumors that the dollar is currently trading at N1,000 in the parallel market, despite a report that has been circulating on X (previously Twitter) to the contrary.

Recent reports on X suggested that the dollar was being exchanged at N1,000 in Abuja. The post stated, “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.”

However, when contacted by our correspondent on Wednesday in Abuja, “Abdusallam BDC” (Abubakar Abdusallam) denied selling foreign exchange (FX) at the quoted price. “The dollar is selling at N1,300/$1, not N1,000 or N900,” he clarified.

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.

Additionally, an X user, whose identity could not be verified, also dismissed the rumor, stating that he was at the location (Sheraton Hotel Zone 4) and observed no such transaction. “I was at Zone 4 this morning, and there was nothing like that. This is fake news,” he affirmed.

Efforts to reach the President of the Bureau De Change Association of Nigeria, Aminu Gwadabe, for comment, were unsuccessful at the time of compiling this report.

Soukaina Sghir

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