FACT CHECK: Has $1 Ever Equaled N1,000 In Nigeria?

The Labour Party presidential candidate, Peter Obi, said today that it is unacceptable for $1 to equal N1,000. Has there ever been a time that a dollar equals N1,000 in Nigeria?

Claim

Peter Obi enunciated on Tuesday via his Twitter handle that Nigerians should no longer gamble with their fates by exchanging one dolar for 1,000 naira because the country is too gifted to experience such a meltdown.

To have N1000 exchange for one dollar is completely unacceptable. Nigeria cannot be a Banana Republic. We’re too gifted, too smart for that to happen to us. -PO#POAtLBSNigeria

— Peter Obi (@PeterObi) November 15, 2022

Verification

According to exchangerates.org.uk, 1 US Dollar equals 441.5678 Nigerian naira today, November 15, 2022.

A check was put through the Central Bank of Nigeria to check peruse its data if there was any time in the country that a dollar was equivalent to N1,000. The result showed nothing of the sort.

In the black market of Sabo Ibadan, Nigeria, known as Bureau De Change, it also revealed that there had not been a time in Nigeria when a dollar equals a thousand naira. 

One naira today in the black market industry equals 700 to 750 

One thousand naira is equivalent to 2.58 USD while compiling this report. 

Verdict

Certainly, the Nigerian naira has struggled for value over the years but there has not been anytime in Nigeria that a dollar equals 1000 naira judging from the Central Bank of Nigeria and the black market.

What are Nigerians saying?

How you people don’t understand this statement is very worrisome because you just want it to be that he’s lying.
“To have” “cannot be” “to happen”.
This means it has not happen and is likely to happen.
Well y’all are responsible for your understanding .
Omo english ehn…kai

— ??? ????® ? (@raycondaxy) November 15, 2022

When was it N1000 to a dollar? Peter fear God please.

— Thεό Abu (@TheoAbuAgada) November 15, 2022

Oga where and when are we exchanging one dollar for 1000 naira?

— Simply_Alex (@DonAlex4U2C) November 15, 2022

You should be ashamed of yourself sir! Can you tell us when and where 1000naira equal to a dollar, it is a pity we still have people that believes in you!

— Femi Fakolade (@femifakolade) November 15, 2022

Your dishonesty is a no no for me. Dollar never rose to a N1000. It's about N710 today at parallel market and N445 CBN rate but you must exerggerate. It's always about you,nobody else does anything good. Soludo has spoken and we have heard. Take your demogoguery elsewhere Sir

— Thisisluka (@Changeluka) November 15, 2022