Dollar Selling at N1,000/$1 in Abuja Contradicted by BDC Operators

Bureau De Change operators have refuted claims that the dollar is selling at N1,000/$1 in Nigeria, despite viral reports on social media. According to a recent post on X (formerly Twitter), the dollar was allegedly being sold at N1,000 in Zone 4 Abuja. However, Baba Isa Fagge, a BDC operator in Abuja, clarified that the actual rate is N1,280/$1, not N1,000 as reported.

The Central Bank of Nigeria recently offered to sell $10,000 to each BDC operator at N1,251/$, with a warning not to exceed N1,269/$. This move aims to regulate the foreign exchange market and prevent the exploitation of customers by unscrupulous operators.

It is essential to verify information before spreading it, especially in a volatile market like foreign exchange. The fluctuating rates can have a significant impact on businesses and individuals, making accuracy and transparency crucial in financial transactions.

Stay informed and cautious when dealing with foreign exchange transactions to avoid falling victim to misinformation or fraudulent practices. Trust reputable sources and consult with financial experts to make informed decisions in the ever-changing market landscape.