Bureau De Change Operators Deny Dollar Selling at N1,000 Amid Rumors

Contrary to circulating reports on social media platform X (formerly Twitter), Bureau De Change operators have refuted claims that the dollar is now selling at N1,000 at the parallel market. The rumors, particularly centered around Abuja’s Zone 4 area, have caused confusion among currency traders and the public.

A post on X alleged that the dollar was being sold at N1,000 in Abuja, specifically along the Sheraton Hotel area, with Abdulsalam BDC purportedly offering a rate of N900 for transactions exceeding $5,000. However, upon investigation, Abubakar Abdusallam, representing “Abdusallam BDC,” debunked these claims, stating that the actual selling rate for the dollar is N1,300, not N1,000 or N900 as speculated.

The Central Bank of Nigeria recently offered to sell $10,000 to each BDC operator at a rate of N1,251 per dollar, with a stipulation not to exceed N1,269 per dollar, ensuring a margin of N18. Despite these regulations, rumors persist, causing confusion and speculation within the currency market.

An individual, whose identity remains undisclosed, also refuted the rumors, confirming that there was no such transaction at the Sheraton Hotel Zone 4 location. This denial further undermines the credibility of the initial reports, labeling them 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 this report’s filing.


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