“We Rebuke and Bind”: Leaked Chat Shows Naira Exchanges at N1,000 per Dollar, CBN Ready to Fight Back

• A conversation between a Nigerian trying to buy dollars at the black market has sent shockwaves among Nigerians
• This is because the Bureau de Change operator demanded N1000 to sell one dollar
• The Central Bank of Nigeria has promised to find a solution to the current challenges in the forex market

A man has shared screenshots of a conversation between a Bureau de Change operator and a Nigerian trying to buy dollars at the black market on Tuesday, August 15, 2023.

In the conversation posted on Twitter, the forex trader quoted an exchange rate of N1,000 to a dollar.

Nigerians reacted to the price with mixed reactions, noting that the trader only tried to make huge profits.

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“Demand is overwhelming”: CBN to intervene, pump more dollars into market

Checks by Legit.ng on Abokifx, a website that curates exchange rates, shows that a dollar sold at the black market at N942 at mid-day on Tuesday.

While the pounds sterling and euro were exchanged against the naira at N1190 and N1010, respectively.

Naira to dollar at official market

In the I&E window, which is the official market, data from FMDQ shows that the naira closed trade at N744.41 to a dollar.

Meanwhile, the Central Bank of Nigeria (CBN) has announced proactive measures to stop further depreciation of the Naira.

Acting Governor of the apex bank, Folashodun Shonubi told journalists that various interventions would be implemented soon.

He also warned that the government would take stringent action against those engaged in covert activities within the foreign exchange market, including the parallel market.

Nigerians react to naira to dollar exchange rate

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Students, businesses struggle to get dollars from banks amid forex shortage

@vantope22 said:

"If na joke, make una stop am abeg!"

@toyinscharles reacted:

"He wants to rip u , we not there yet"

@shortstories_s5h writes:

"I do not know why Govt continues to blame speculators when the main issue is on the supply side?

"Placing a ban on some items 41 of them is yet another challenge...You cant create demand for parallel market and not expect it to thrive."

@Isidore0001 also stated:

"We rebuke and bind it and send it back to the abyss of hell in Jesus name.

"The Naira shall rise like the dry bones in Jesus name."

Investigator probes CBN staff, NIBBS, NSPMC as bank’s personnel loans hit N40 billion

Legit.ng earlier reported that tensions are rising in the financial system as the administration of President Bola Tinubu resolves to bring to book those found culpable in the past nine years at the Central Bank of Nigeria (CBN).

The President appointed Jim Obazee on July 28, 2023, as a special Investigator of the CBN and related entities.

Source: Legit.ng