Dollar Dipped Below N1,000 Under Tinubu's Govt? Fact Emerges

Dollar Dipped Below N1,000 Under Tinubu's Govt? Fact Emerges

  • A prominent X user asserted that the dollar crashed to N650 as Nigerians hurried to sell their hoarded foreign currency
  • Legit.ng reports that the claim surfaced amid Nigeria's battle with economic hardship
  • A fact-checking platform investigated the claim and shared its findings in a report published on Friday, April 5

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering economic matters.

FCT, Abuja - As Nigeria grapples with soaring inflation and plummeting currency, a claim emerged that the dollar against the naira was N850 and N650 on March 28, 2024 and April 1, 2024, respectively.

The exchange rate management in Nigeria is a vital macroeconomic indicator used in determining the overall performance of economies.

Fact check: Claim dollar dipped below N1000 not true
Some social media users claim the dollar against the naira dipped below N1,000 in March and April 2024. Photo credits: Bloomberg, Central Bank of Nigeria
Source: UGC

It remains a key price variable in any economy and performs the dual role of maintaining international competitiveness and serves as a nominal anchor for domestic prices.

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A social media user, Hon Japhet Bodonyefa, posted tersely on Facebook:

“Dollar is now ₦850.”

Similarly, a prominent social media sports personality, @PoojaMedia, claimed on X that the “dollar crashes to N650” while Nigerians 'rushed to sell their hoarded dollars'.

The post (although most likely April Fool) garnered 1,200 replies, 900+ reposts, 9,000 likes and more than 953,000 views.

Due to the high number of engagements generated by these posts, a fact-checking platform, Dubawa, said it decided to verify the claims.

Following its investigation, Dubawa ruled that available information on foreign exchange platforms, including the Nigerian Foreign Exchange Market (NFEM), showed that the dollar against the naira has remained above N1000 in recent times — contrary to social media users’ claims.

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What to read about naira and dollar

Igbokwe laments naira to dollar exchange rate

Earlier, Legit.ng reported that a chieftain of the ruling All Progressives Congress (APC) in Lagos state, Joe Igbokwe, lamented the impact of the naira fall.

Igbokwe, a top campaigner of President Bola Tinubu, bemoaned the unfavourable exchange rates.

Anambra-born Igbokwe stated that presently, he cannot keep the dollar or any other foreign currency.

Source: Legit.ng

Authors:
Ridwan Adeola avatar

Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a Current Affairs Editor at Legit.ng and a certified journalist with over 9 years of experience. He edited Politics Nigeria's articles, was the Acting Editor of AllNews Nigeria and Fact-Checking Researcher (Africa Check). He received his HND in Mass Communication from The Polytechnic Ibadan. He received a Certificate of Achievement (Journalism Clinic’s Fix The Leak masterclass, 2021) and also completed Google News Initiative's Advance digital reporting curriculum. Contact him at ridwan.adeola@corp.legit.ng.

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