|
Getting your Trinity Audio player ready...
|
Claim: The dollar against the naira was N850 and N650 on Mar. 28, 2024 and Apr. 1, 2024, respectively.
Verdict: False. Available information on foreign exchange platforms, including the Nigerian Foreign Exchange Market (NFEM), shows that the dollar against the naira has remained above N1000 in recent times, contrary to social media users’ claims.
Full Text
Amidst the fluctuating rates between the United States dollar and the naira, which has witnessed the former soar in the market price compared to the latter, some users on both X (formerly Twitter) and Facebook have made different claims about the exchange rate.
A Facebook user, Hon Japhet Bodonyefa, posted on Meta’s parent application that the dollar equivalent of the naira “is now N850.”
As of Tuesday, Apr. 2, 2024, the post has attracted 67 likes, 81 comments and shared twice.
In another development, an X user, POOJA!!!(@PoojaMedia) claims that the “(D)ollar crashes to N650” while Nigerians rush to sell their hoarded Dollars.
The post attracted about 919,000 views, 776 reposts, 134 quotes, 8,884 likes and 174 bookmarks.
Due to the high number of engagements generated by these posts, DUBAWA decided to verify the claims.
Verification
DUBAWA checked the Nigerian Foreign Exchange Market (NFEM) for the naira price equivalent to the dollar for Thursday, March 28, 2024, the day the first claimant posted his claim. We found out that the dollar against the naira stood at N1,330. However, the institution has not updated the exchange rates meant for Monday, Apr. 1, 2024, when the second claimant posted his claim.
Consequently, we checked EXCHANGE-RATES.ORG, a platform for world exchange rates and currency exchange rates history, and found that the dollar against the naira stood at N1,302.
We also viewed the international financial advisor, Forbes ADVISOR, and found that the naira traded at N1,421 for a dollar on March 28, 2024, and N1,295 on Apr. 1, 2024.
According to Xe.com, a website that shows the exchange rate of any currency in the world, the dollar against the naira stood at N1,371 on Thursday, Mar. 28, 2024, and N1,306 on Monday, Apr. 1, 2024.
Conclusion
Both claims are false. Charts by currency exchange platforms, including the NFEM, reveal that the dollar against the naira has remained above N1000, contrary to social media users’ claims.
