BDCs Debunk Viral Report Of Dollars Selling At N1,000/$1

Bureau De Change operators have debunked a report that has gone viral which claims that one dollar now sells at N1,000 at parallel market.

Apparently riding on the back of the news of naira appreciation in the past one week following CBN intervention, the purveyors created the fake post which has been trending since morning.

The on post X (formerly Twitter), read, “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.”

According to a report by Punch, the BDC operator cited in the viral post denied selling forex at the quoted price.

He said a dollar is selling at N1,300 not N1,000 as speculated in the post.

On Monday, the CBN announced a second tranche of FX sales to eligible BDCs, offering $10,000 to each BDC operator at N1,251/$.

The apex bank mandated BDCs to sell at a spread of not more than 1.5 per cent of the purchase price. This means that every one dollar purchased from the CBN by any eligible BDC should not be sold at more than N1,269 to the end users.