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A claim has surfaced on social media that the dollar crashed to N650 as Nigerians hurried to sell their hoarded foreign currency under Tinubu’s government.
However, a fact-checking platform, Dubawa, investigated this claim and published its findings on April 5.
The exchange rate between the dollar and the naira is a vital macroeconomic indicator used to determine the overall performance of economies.
Some social media users have been claiming that the dollar dipped below N1000 in March and April 2024.
Dubawa’s investigation revealed 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.
This contradicts the claims made by social media users. It is important to note that the exchange rate management in Nigeria is crucial for maintaining international competitiveness and serving as a nominal anchor for domestic prices.
As Nigeria grapples with soaring inflation and a plummeting currency, accurate information about the exchange rate is essential.
While social media posts may generate high engagement, it is crucial to verify the claims before drawing any conclusions.
In this case, Dubawa’s investigation provides evidence that the dollar did not dip below N1000 under Tinubu’s government, contrary to what was claimed on social media.
This article was updated 1 week ago
