With the advancement of technology, social media has been a great source in the field of education. Through the blessing of social media (Facebook, Twitter, WhatsApp, Instagram, Imo, Messenger and so on), people are able to exchange their feelings, emotions, liking, disliking everything with other disregard to distance. It is a great means in the process of L2 learners’ communication skill development. Thus, the aim of this paper is to see the significance of social media to promote Bangladeshi university learners’ speaking skill based on the perceptions from both teachers and students. For this descriptive study, data have been collected through questionnaires designed by the author. The data have been collected through google form where the participants are 100 EFL (English as a Foreign Language) university teachers and 100 university students. The result of this study shows that social media has a great importance to both teachers and learners to develop learners’ oral proficiency. Both teachers and learners show their positive attitudes towards the use of different social sites in the process of learners L2 speaking skill and day by day such use of social media is gaining a growing tendency. The result of this study will give benefit to the EFL teachers and policy makers to be more concerned with a positive attitude about how to use social sites more effectively in EFL classroom to enhance learners’ L2 skills, especially oral skill.