Journalist Says He Lost Money to Help Keep Nigeria’s Currency Strong, Avoided Black Market Exchange

A journalist has claimed that he refused to change dollars at the official market rate even though his decision meant making a loss.

He explained that he took $500 to a Bureau De Change agent and asked to have it changed to Naira at the FMDQ rate of N763.53 per dollar even though the agents were changing at N1010 per dollar.

He explained rate he did this to protect the Naira.

He tweeted: “Took this $500 to Bureau de change. They said the rate is N1010/$1 which means I get N505,000. I rejected it & told him I would be changing at official FMDQ rate of N763.53/$1 so I got N381,765. I made a loss of N123,235 but it was worth it. Let’s protect our country and currency.”