Greenback not promoting at N1,000/$1

Greenback not promoting at N1,000/$1

Dollar not selling at N1,000/$1- BDCs debunk viral post

Bureau de Change operators in Abuja have dismissed on-line studies {that a} US Greenback is exchanging for between N900 and N1,000 within the FCT.  There have been viral posts on Fb and X that the greenback was promoting at N1,000 on the Wuse Zone 4 district headquarters of the foreign exchange parallel market in Abuja.

The viral pretend publish reads

“This morning, at Zone 4 Abuja, alongside the Sheraton Resort, the greenback is promoting at N1,000 – $1. Abdulsalam BDC is promoting N900 if shopping for over $5,000. There’s a mad rush to eliminate {dollars} at Zone 4. The greenback within the parallel market is presently promoting at a cheaper price than the official market.”

Dollar not selling at N1,000/$1- BDCs debunk viral post

Some social media customers took to the remark sections of the posts to mock foreign exchange speculators, saying they may face the implications for hoarding the Greenback given the Naira appreciation in opposition to the international forex at N1,000/$1.

Nonetheless, BDC operators who spoke to Punch dismissed the report saying that the reverse was the case.  Abubakar Abdusallam who operates Abdusallam BDC denied promoting FX on the quoted worth.

 “Greenback is promoting at N1300/$1, not N1000 or N900,” he stated

Just lately, the Central Financial institution of Nigeria provided to promote $10,000 to every BDC operator at N1,251/$. The apex financial institution expects them to not promote above N1,269/$, representing a margin of N18.

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