August 2, 2024, Black Market Dollar To Naira Exchange Rate

August 2, 2024, Black Market Dollar To Naira Exchange Rate

As of August 1, 2024, the black market exchange rates for the Dollar to Naira are as follows:
– **Buying Rate**: ₦1605
– **Selling Rate**: ₦1615

These rates are based on information from Bureau De Change (BDC) sources……. CONTINUE READING

**Note:** The Central Bank of Nigeria (CBN) does not officially recognize the parallel market. For foreign exchange transactions, the CBN directs individuals to use their banks.

### Official CBN Rates for Dollar to Naira

For comparison, the official CBN rates today are:
– **Buying Rate**: ₦1610
– **Selling Rate**: ₦1611

### Additional News: Windfall Tax Discussion

President Bola Ahmed Tinubu recently held a meeting with key figures in Nigeria’s banking sector at the State House in Abuja. The discussion centered on the new windfall tax imposed as part of an amendment to the 2023 Finance Act.

The tax targets substantial foreign exchange gains reported by banks in 2023 and aims to fund crucial infrastructure, education, and healthcare projects under the Renewed Hope Agenda. Despite concerns from Moody’s Investors Service and other analysts about potential impacts on bank profitability and financial stability, the Senate has passed the bill, raising the windfall levy from 50% to 70% and extending its applicability through 2025.

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