Contrary to the report making the rounds on X (formerly Twitter), Bureau De Change operators said there was no truth in reports that the dollar is now selling at N1,000 at parallel market.
There have been rending reports on X that dollar is now selling at N1,000 in Abuja.
The X post 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.”
However, our correspondent reached out to “Abdusallam BDC” (Abubakar Abdusallam) on Wednesday in Abuja, and he denied selling FX at the quoted price.
“Dollar is selling at N1300/$1, not N1000 or N900,” he said.
Recently, the Central Bank of Nigeria offered to sell $10,000 to each BDC operator at N1,251/$.
The apex bank expects them not to sell above N1,269/$, representing a margin of N18.
An X user, whose real name could not be ascertained, also debunked the rumour, stating that he was at the location (Sheraton Hotel Zone 4) and there was no such transaction.
“I was at Zone 4 this morning, and there was nothing like that. This is fake news,” he said
The President of the Bureau De Change Association of Nigeria, Aminu Gwadabe, could not be reached for statement as of the time of filing this report.
You may have come across a viral post claiming that the dollar is being sold at an unbelievable rate of ₦1,000 per $1. This news spread like wildfire, causing confusion and speculation among people. However, Bureau de Change (BDCs), the trusted currency exchange providers, swiftly stepped in to debunk this rumor. In this article, we'll delve into why BDCs took this action, shedding light on the intricacies of currency exchange and the implications of such false information.
Understanding the Role of BDCs:
Before we dive into why BDCs debunked the viral post, let's first understand their role in the financial ecosystem. Bureau de Change (BDCs) are licensed entities that specialize in the buying and selling of foreign currency. They play a crucial role in facilitating currency exchange for individuals and businesses, offering convenience and accessibility to foreign exchange services.
Why BDCs Debunked the Post:
Now, let's unravel the reasons behind BDCs' swift action in debunking the viral post:
1. Upholding Credibility:
BDCs are reputable institutions trusted by the public for their transparency and reliability in currency exchange. When false information about exchange rates spreads, it undermines the credibility of BDCs and erodes trust in the financial system. By debunking the rumor, BDCs aim to maintain their integrity and reassure customers that they can rely on accurate information when conducting currency transactions.
2. Preventing Panic and Speculation:
Rumors about drastic fluctuations in exchange rates can trigger panic and speculation in the market. People may rush to buy or sell currency hastily, leading to volatility and instability in the foreign exchange market. BDCs understand the importance of maintaining stability and confidence in the currency market, which is why they took prompt action to debunk the false information and prevent unwarranted panic among the public.
3. Compliance with Regulatory Standards:
As licensed entities, BDCs are subject to regulatory oversight by relevant authorities, such as central banks and financial regulatory agencies. Part of their regulatory obligations includes providing accurate and transparent information to the public regarding currency exchange rates. By debunking false information that misleads the public about exchange rates, BDCs demonstrate their commitment to compliance with regulatory standards and ethical business practices.
4. Protecting Customers' Interests:
BDCs prioritize the interests of their customers, ensuring that they have access to reliable and fair currency exchange services. Disseminating false information about exchange rates can harm consumers by leading them to make uninformed decisions or fall victim to fraudulent schemes. By debunking the viral post, BDCs aim to protect their customers from potential financial losses and ensure that they can make informed choices when engaging in currency transactions.
5. Safeguarding Market Stability:
The stability of the foreign exchange market is essential for economic stability and growth. Misinformation or rumors about exchange rates can disrupt market equilibrium and have far-reaching consequences for businesses, investors, and the overall economy. BDCs recognize their role in safeguarding market stability and took proactive measures to counteract the misinformation circulating in the market.
In a world where information spreads rapidly through social media and digital channels, the role of trusted institutions like Bureau de Change (BDCs) becomes paramount in dispelling misinformation and maintaining confidence in the financial system.
By swiftly debunking the viral post about the dollar selling at ₦1,000 per $1, BDCs demonstrated their commitment to upholding credibility, preventing panic and speculation, complying with regulatory standards, protecting customers' interests, and safeguarding market stability. Moving forward, it's essential for individuals to verify information from reliable sources and rely on reputable institutions like BDCs for accurate and transparent currency exchange services.
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