'N1,000/$': BDCs speak on dollar selling cheaper in black market than official market

Bureau de Change (BDC) operators have debunked the claims that the dollar sells cheaper in the black market than in the official market.

The development is in response to reports making the rounds on social media that the US greenback is now selling at N1,000 per dollar in the black market as against the N1,385 sold in the official market it sold on Tuesday, March 26, 2024.

The black market operators debunked the claims, saying there was no truth in the report.

A report on X (formerly Twitter) claimed that black market dealers in Abuja have further crashed the dollar price to N1,000 per dollar after buying at N900.

The report said: “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.”

Punch reports that one Abdulsallam BDC said on Tuesday, March 26, 2024, that there is no such thing as contained in the report.

He confirmed that the dollar sells at N1,300 in the parallel market.

A recent report by Legit.ng said that the Central Bank of Nigeria offered to sell about $10,000 to each BDC operator at N1,251 per dollar. Reports say the apex bank expects the BDCs to sell at most N1,269 per dollar, a margin of N18.