Dollar Soars In Black Market: Naira Hits New Low At N1525 per USD!

Dollar Soars In Black Market: Naira Hits New Low At N1525 per USD!

Today’s Dollar to Naira Exchange Rate

Curious about the Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here is the black market exchange rate for the Dollar to Naira for 5th July 2024. You can exchange your dollars for Naira at these rates.

Current Black Market Exchange Rate:

• Buying Rate: N1518 per USD
• Selling Rate: N1525 per USD

According to sources at the Bureau De Change (BDC), these are the rates at which players in the Lagos Parallel Market (Black Market) buy and sell dollars as of Friday, 5th July 2024.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market). The CBN has advised individuals who wish to engage in Forex transactions to approach their respective banks.

Dollar to Naira Black Market Rate Today

• Buying Rate: N1518
• Selling Rate: N1525

Dollar to Naira CBN Rate Today

• Buying Rate: N1516
• Selling Rate: N1517

Please be aware that the rates at which you buy or sell forex may vary from those listed in this article, as prices can fluctuate.

FG Discusses Implementation of New Tax Policy

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has revealed that the new tax policy approved by President Tinubu has been forwarded to the National Assembly for passage into law.

Oyedele emphasized that the new withholding tax policy is a fresh draft, not an amendment of the old law inherited from colonial times. Efforts are being made to ensure the implementation begins before December 2024.

He explained that drafting a new tax policy rather than amending outdated laws was intended to provide clarity and avoid conflicting taxes. “We decided that amending outdated laws inherited from our colonial past was insufficient. Instead, we drafted new laws entirely. Our goal is to ensure clarity and avoid the suffering caused by conflicting taxes such as VAT and state-level consumption taxes,” Oyedele stated.

The new tax policy exempts food items, healthcare, housing, education, and transportation from Value Added Tax (VAT), which Oyedele condemned in the current system.