US Dollar to Naira glitch causes panic among Nigerians less than 24 hours to election

There was a slight controversy over the value of Naira to US Dollar on February 22, 2019 a few hours to Nigeria’s crucial general elections.

Google Currency was showing that one dollar was going for N184 at about 2100 hours, but it was just a glitch in its software, TheCable can report.

A check on the exchange rate at about 2300hours shows that the glitch has been fixed.

The Central Bank of Nigeria sold the greenback to bureau de change (BDC) operators at N357 per dollar on Friday.

Musa Ibrahim, a BDC operator, who spoke to TheCable from Lagos Island, said he bought $20,000 from the CBN at 357 per dollar.

“We collected from CBN today at the rate of N357, and each BDC operator is entitled to $20, 000,” he said.

Two members of staff at Google, who spoke off the record, confirmed to TheCable that this was just a bug, that is currently being fixed by the search giant.

According to Bloomberg currency rate, the dollar is currently trading at N361.8, with the local currency gaining N1.75 against the greenback.

A mail from TheCable to Google Press office is yet to be replied — but an automatic response was received, stating that all queries will be addressed shortly.

Nigeria goes to the poll in less than 12 hours after this glitch, driving speculations and jokes on social media on how the incumbent may want to turn the economy around overnight.

Dollar to Naira controversy February 22. 2019. Credit Google

While some fear that their stacked dollars may have lost tremendous value, others are celebrating a rise in the value of the naira, but many are aware this is just a temporary glitch.

Whatever the case is, TheCable understands that the dollar is still trading at 358 to 360 at the foreign exchange market.