Back to Africa Check

Nigeria's central bank dispels claims of a new currency policy that will see $1 exchange for N1.25

IN SHORT: Nigeria's economy is going through a tough time. But claims that a new policy will see a rate of just over one naira to the dollar – down from more than 700 naira – are false.

Nigeria’s economy is struggling with inflation as a result of the removal of a key fuel subsidy. This has led to a sharp increase in transport and production costs, directly affecting the cost of goods and services across the country.

In light of this, a post shared on Facebook and WhatsApp in Nigeria claims the Central Bank of Nigeria (CBN) is introducing a new policy that will allow the naira to be exchanged at N1.25 to $1. 

The post reads: “Breaking Central Bank of Nigeria is about to introduce a new naira policy by November 2023 that would make $1 USD exchange = N1.25.” 

The same claim appeared on Facebook here, here, here and here

But did the banking regulator announce this new policy? We checked.


CBN says it’s ‘fake news’

Given the rising cost of living and the price at which the naira exchanges – N765 to the dollar in September 2023 – such a policy by the central bank would have made both local and international headlines, if it were true.

We asked Isa Abdulmumin, the CBN’s director of media relations about the claim. He replied with a screenshot of the message stamped with “FAKE NEWS”.

A search of the CBN website and its verified official X (formerly Twitter) handle found no evidence of the claim. 

The CBN hasn't announced that $1 will be exchanged for N1.25. Disregard social media claims to the contrary.

Republish our content for free

We believe that everyone needs the facts.

You can republish the text of this article free of charge, both online and in print. However, we ask that you pay attention to these simple guidelines. In a nutshell:

1. Do not include images, as in most cases we do not own the copyright.

2. Please do not edit the article.

3. Make sure you credit "Africa Check" in the byline and don't forget to mention that the article was originally published on

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.