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  • Business
  • Updated: November 15, 2022

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.

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?

 

 

  

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Yusuf Adua
Yusuf Adua

Yusuf Adua is an investigative journalist passionate about politics, solution-based reporting and f...

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Central Bank of Nigeria EXCHANGE RATE

Currencies Buy Rate Sell Rates
USD - NGN 415.23 416.23
EUR - NGN 457.42 458.52
GBP - NGN 547.98 549.30
More Exchange Rate

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