CURRENCY CHAOS Black Market Dollar Rate Climbs—Naira Struggles To Keep Up On February 4, 2025

CURRENCY CHAOS Black Market Dollar Rate Climbs—Naira Struggles To Keep Up On February 4, 2025

As of today, February 4, 2025, the exchange rate of the US dollar to the Nigerian naira in the black market (parallel market) stands…CURRENCY CHAOS Black Market Dollar Rate Climbs—Naira Struggles To Keep Up On February 4, 2025

as follows:

• Buying Rate: ₦1,600 per dollar
• Selling Rate: ₦1,610 per dollar

According to Bureau De Change (BDC) sources, these rates apply to transactions conducted outside the official banking system. However, the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to use authorized banks for foreign exchange transactions.

Meanwhile, the official CBN exchange rates for the dollar to naira are:

• Highest Rate: ₦1,499 per dollar
• Lowest Rate: ₦1,440 per dollar

It is important to note that forex rates fluctuate and may differ based on location, demand, and transaction volume.

Court Declares Excise Duty on Carbonated Drinks Unlawful

In a separate development, the Federal High Court in Abuja has ruled against the excise duty imposed on carbonated drinks, declaring it unlawful.

This ruling follows a lawsuit filed in 2022 by the Nigeria Employers’ Consultative Association (NECA) against the Federal Government’s introduction of a ₦10 per liter excise tax on non-alcoholic, carbonated, and sweetened beverages.

The tax, widely referred to as the “sugar tax,” was aimed at discouraging the consumption of sugary drinks linked to health issues such as obesity and diabetes. However, NECA challenged the policy, arguing that it was unjustified and would place an additional burden on businesses.

The lawsuit named key government officials, including the Minister of Finance, Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, as defendants.

After three years of legal proceedings, Justice O.A. Egwuatu ruled in favor of NECA, dismissing the Ministry of Finance’s objections and deeming the tax unlawful.

The ruling is expected to impact government revenue strategies, as policymakers may now need to explore alternative means of taxation without violating legal provisions.

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