BDC raises Red Flag on Naira-Dollar viral report

In response to widespread online reports suggesting that the Naira and the US Dollar exchange rate was exchanging for as low as N900 to N1,000 in Abuja’s Federal Capital Territory (FCT), Bureau de Change (BDC) operators have vehemently denied such claims.

The misinformation, which circulated across social media platforms including Facebook and X, alleged that at the Wuse Zone 4 district headquarters of the parallel forex market in Abuja, the dollar was purportedly selling at N1,000.

The fake post, which sparked concern among social media users, claimed that along the Sheraton Hotel in Zone 4, the dollar was available at N1,000, with Abdulsalam BDC supposedly offering it at N900 for purchases over $5,000.

It further suggested a rush to dispose of dollars at this alleged rate, insinuating a downward trend in the parallel market.

However, Bureau de Change operators swiftly debunked these claims, asserting that the reality on the ground was starkly different.

Abubakar Abdusallam, a prominent BDC operator, refuted the notion of selling dollars at such reduced rates, firmly stating that the prevailing rate stood at N1300/$1, significantly higher than the speculated figures.

Abdusallam’s assertion aligns with recent directives from the Central Bank of Nigeria, which offered to sell $10,000 to each Bureau de Change operator at N1,251/$. The central bank expects these operators to adhere to a maximum selling price of N1,269/$, ensuring a regulated margin of N18.

The discrepancy between the circulated misinformation and the actual rates underscores the importance of verifying sources, especially in the volatile realm of foreign exchange markets.