Claim: A Twitter user claimed that Bureau De Change entrepreneurs are selling a dollar for N1,000 at Wuse Zone 4 in Abuja.READ FULL CONTENT
Verdict: FALSE. Our investigation revealed that the exchange rate is averagely higher than the claimed amount.
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Nigerians have experienced severe economic crises due to the different policies implemented since Bola Tinubu assumed office as Nigeria’s president. These include the administration’s decision to float the exchange rate through the Central Bank of Nigeria, led by Yemi Cardoso.
As of 21 February, the dollar soared as high as N1,820. This contributed to the increased inflation rate in the country and caused untold hardship for the citizens who suffered the brunt of increase in the prices of goods and services.
Following the series of drama that ensued between the Federal government and Binance, a cryptocurrency exchange platform, the Naira has gained a steady increase against the dollar. But when an X user, Pastor Okezie Atani (@ONsogbu), posted that the dollar is currently being sold for N1,000 at Wuse Zone 4 in Abuja, Nigerians were thrown into a frenzy. He attributed the claim to one Duchess M. Abboud.
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DUBAWA traced the account quoted and found the claim. She wrote “This morning at Zone 4 Abuja, along the Sheraton Hotel, the dollar is selling at N1,000/$. Abdulsalam BDC is selling N900 if buying over $5000. 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.”
As of 27 March, the post had gained more than 271,500 views, 715 reactions, 178 comments, 377 retweets and 46 bookmarks. It has also gone viral on Facebook
The virality of the claim and the oddity prompted DUBAWA to verify the information.
Verification
DUBAWA earlier found that the official exchange rate is N1,416 per dollar, according to the Central Bank of Nigeria as of 27 March.
We conducted an on-site investigation to verify the claim. At the Bureau De Change Hub situated in Wuse Zone 4, Abuja, multiple ‘traders’ affirmed that there is no BDC establishment named “Abdulsalam BDC” in that vicinity. However, several traders go by the name “Abdulsalam.”
Subsequently, we set out to locate “1 In-Town,” the BDC office depicted in the image accompanying the claim. Upon arrival, we inquired about Abdulsalam BDC. In response, Musa Danyaro, the head of operations at 1 In-Town, stated that neither he nor his staff members go by such a name.
We then engaged in negotiations, seeking information on their exchange rates. Mr Danyaro mentioned that they were not currently selling dollars due to the fluctuating rates. Despite our attempts to persuade him, he reiterated that the highest rate they could offer for buying was N1,290 and N1,350 if he would sell.
Without asking, Mr Danyaro mentioned that posts were circulating on social media that the dollar was now being sold at N1,000. He described this as propaganda and affirmed that such a situation never occurred.
“If you’re on social media, it’s trending already that a dollar is selling for one thousand naira. I saw the story. It is not true. It is propaganda. If the government’s official rate is [N1,300+], how much more the BDC? They just want people like you to sell so that the dollar would come down,” he explained.
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Mr Danyaro expressed satisfaction with the recent decline in the value of the dollar over the past two weeks. He elaborated that in December, the dollar was sold at approximately one thousand naira. However, by February, the rate had surged to as high as N1,800 making life difficult for many Nigerians.
DUBAWA team approached seven other BDC traders, including those operating unofficially. All of them dismissed the notion that dollars were being sold at N1,000. While most were only willing to sell at a minimum of N1,350, the average trader would not pay more than N1,300 when buying.
Speaking to DUBAWA, Amoni Jigwa, a trader at Wireless Resources BDC LTD, said he could not sell for lower than N1,340. He maintained that his price was the cheapest, urging our researcher to compare it with other sellers.
“You no fit see am for any place for N1,000 walahi. Me I go sell am for N1,340 gaskia,” he persuaded our researcher.
Ahmed Ibrahim, an unofficial trader, refuted the claim that dollars recently sold at N1,000. When questioned about the last time they sold at a thousand naira, he responded:
“See, the last time I sell dollar one thousand naira na last year December. Today, others sell N1,350. If you get Naira plenty, I sell am N1,250.”
Maintaining a similar position, Mai Abdulrasheed, head at Majia BDC, debunked the claim of selling at N1,000. Nevertheless, he acknowledged the reduction in the dollar rate over the past few days.
“We have not sold at N1,000 this period. Maybe if you come tomorrow, the dollar might become cheaper,” he said.
Conclusion
As of 27 March, a dollar was sold at about N1,350 by the Bureau de Change sellers at Wuse Zone 4 in Abuja. While many sellers in the area bear Abdulsalam, the particular enterprise mentioned in the claim, ‘Abdulsalam BDC,’ does not exist. Therefore, the claim is false.READ FULL CONTENT
