Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 5th August 2024

Dollar to Naira Exchange Rate Today

What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)? Here is the black market Dollar to Naira exchange rate for 3rd August. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to Naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1605 on Monday 5th August 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1600
Selling Rate N1605
Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1599
Selling Rate N1600
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

I Highly Support FG’s Windfall Tax Policy – Femi Otedola

Billionaire businessman, Femi Otedola, has expressed his strong support for the federal government’s Windfall Tax policy, which he believes will help ensure the equitable distribution of wealth in Nigeria.

The Executive Chairman of Geregu Power PLC praised the Windfall tax policy, highlighting it as an example of ethical leadership from the current administration.

On his X handle on Thursday, Otedola remarked that the tax on banks’ profits would significantly contribute to the health, education, and infrastructure development sectors in the country.

“I highly support the implementation of a windfall tax in Nigeria and to highlight the critical role this measure plays in fostering a fairer and more equitable economic environment,” Otedola stated.

He emphasized that his stance aligns with the ongoing efforts to reform the Nigerian banking sector, aiming to enhance economic stability and integrity within financial institutions.

“Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment. Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good,” he explained.

Otedola pointed out that the revenue generated from windfall taxes could be channeled into essential public services such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities.

He concluded by highlighting the recent announcement of a windfall tax on the extraordinary profits earned by Nigerian banks as a significant first step towards achieving these goals. “The consolidation of various foreign exchange rate systems into a single investors and exporters (I&E) window led to the depreciation of the Naira and substantial increases in the value of bank assets denominated in United States Dollars,” he added.

The views of Femi Otedola resonate with many who believe in the potential positive impacts of the Windfall Tax policy, marking a transformative period in Nigeria’s economic landscape.