Eniola Akinkuotu, a patriotic Nigerian, has changed $500 at the official exchange rate of 763.53 naira per dollar, getting 381,765 naira for his $500.
Akinkuotu’s action has been praised by many on social media, who say that he is a true patriot. Some people have even called for him to be given a national award.
The official exchange rate is the rate at which the Central Bank of Nigeria (CBN) sells dollars to banks. It is also the rate at which banks are supposed to sell dollars to their customers.
READ ALSO: CBN abolishes multiple naira/dollar exchange rates: All you need to know
However, many banks in Nigeria sell dollars at a higher rate, which is known as the black market rate.
The black market rate is often higher than the official exchange rate because there is a high demand for dollars in Nigeria.
This high demand is caused by a number of factors, including the fact that Nigeria is a net importer of goods and services.
Akinkuotu’s decision to change his $500 at the official exchange rate is a significant one, as it will help to support the naira.
It is also a reminder that there are still many patriotic Nigerians who are willing to put the interests of the country first.
Reaction: This is serious gaslighting
Netizens found this very interesting, while others made fun out of the tweet.
@Abimifoluwa: “You didn’t make a loss, the money was not meant for you if you want to be patriotic.”
@Mazi Lupin: “Lmao top notch gaslighting, like it’s our fault that naira is crippling. Blame every Nigerian apart from the very people in government and their supporters who are the primary reason why the country is in a precarious position right now”
@Iamsam: “Keep protecting your worthless currency when your leaders in charge are sabotaging it.”
@Emeka: “What if I wana buy USDs at the FMDQ rate. How much will they give me.??? I am traveling to Canada next month.”
READ ALSO: Tragic history of Naira’s devaluation: From independence to today
Why did President Tinubu sack the EFCC chairman
In another news, President Bola Ahmed Tinubu has recently suspended AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC). The suspension is aimed at allowing security agents to conduct a thorough investigation into Bawa’s conduct while in office.
There have been multiple allegations against Bawa since he became the EFCC chair. One recent accusation came from former Zamfara State governor Bello Matawalle, who claimed that Bawa demanded a $2 million bribe from him. Bawa has denied the allegation and stated that the former governor should provide evidence to support his claim.
Furthermore, Bawa has been accused of misusing his position of power, which should have been respected and upheld.
