Dollar to Naira Exchange Rate: Black Market and Official Rates for March 10, 2025

Dollar to Naira Exchange Rate: Black Market and Official Rates for March 10, 2025

The exchange rate between the US dollar and the Nigerian naira continues to be a key point of interest for businesses and individuals alike. Below are the latest black market (parallel market) and Central Bank of Nigeria (CBN) rates as of March 9, 2025……….READ MORE

Black Market Exchange Rate (Aboki FX)

According to reports from Bureau De Change (BDC) operators in Lagos, the exchange rate for the US dollar at the parallel market is as follows:

• Buying Rate: ₦1,580 per dollar
• Selling Rate: ₦1,590 per dollar

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and has advised individuals and businesses to conduct foreign exchange transactions through authorized financial institutions.

CBN Official Exchange Rate

As per CBN data, the official exchange rates are as follows:

• Highest Rate: ₦1,615 per dollar
• Lowest Rate: ₦1,505 per dollar

Due to fluctuations in forex supply and demand, actual exchange rates may vary slightly from those quoted.

Nigeria’s Tax Reform Gains Momentum

In a separate development, the Federal Government’s tax reform initiative has reached a significant milestone as the Senate and House of Representatives review over 200 memoranda submitted by various stakeholders during public hearings.

The hearings attracted participation from key government agencies, private sector representatives, civil society groups, and tax professionals. Discussions centered on balancing economic growth, revenue generation, and business sustainability while addressing concerns raised by individuals and corporate organizations.

Diverse Stakeholder Perspectives

The proposed tax reforms have sparked mixed reactions. While some experts see them as a necessary step toward modernizing Nigeria’s tax system, others have voiced concerns over potential challenges.

Notably, the House of Representatives received 54 memoranda, underscoring the significance of the debate. Government officials and economists argue that the reforms will help reduce the budget deficit, improve tax compliance, and streamline revenue collection. However, critics warn that changes to Value Added Tax (VAT) and income tax brackets could disproportionately impact small businesses and middle-income earners.

As discussions progress, policymakers are expected to refine the proposals to ensure a fair and sustainable tax framework for Nigeria’s economic growth.