Contrary to circulating reports on X (formerly Twitter), Bureau De Change operators have refuted claims suggesting that the dollar is being sold at N1,000 in the parallel market.
Speculations had emerged on X, indicating that the dollar was being traded at N1,000 in Abuja, particularly around Zone 4, adjacent to Sheraton Hotel.
According to the X post, purportedly from eyewitnesses, Abdulsalam BDC was allegedly offering the dollar at N900 for purchases exceeding $5,000, sparking a rush to exchange currencies in the area. The post further suggested a notable decrease in the parallel market rate compared to the official market.
However, upon investigation, it was revealed that Abubakar Abdusallam, operating as “Abdusallam BDC,” denied any such transactions at the quoted rates. Abdusallam clarified that the actual rate stood at N1,300 per dollar, contrasting the earlier claims of N1,000 or N900.
This development comes in the wake of the Central Bank of Nigeria’s recent offer to sell $10,000 to each BDC operator at a rate of N1,251 per dollar, with the expectation that they adhere to a maximum selling price of N1,269 per dollar, maintaining a margin of N18.
Further dispelling the rumours, an X user, whose identity remains undisclosed, attested to being present at the purported location (Sheraton Hotel Zone 4) and confirmed that no such transactions took place. The individual labelled the claims as “fake news.”
Efforts to obtain a statement from the President of the Bureau De Change Association of Nigeria, Aminu Gwadabe, were unsuccessful at the time of compiling this report.
More details are to follow as the situation unfolds.
