Politics
Black Market Dollar To Naira Exchange Rate For August 4, 2024
Black Market Dollar To Naira Exchange Rate For August 4, 2024....KINDLY READ THE FULL STORY HERE▶
For those interested in the black market or parallel market rates, also known as the Aboki FX rate, here’s the latest update. On August 3, 2024, the exchange rate at the Lagos parallel market is as follows: dollars are bought at N1600 and sold at N1605, according to Bureau De Change (BDC) sources.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN recommends that individuals seeking foreign exchange should do so through their banks.
**Dollar to Naira Black Market Rate Today:**
– **Buying Rate:** N1600
– **Selling Rate:** N1605
**Dollar to Naira CBN Rate Today:**
– **Buying Rate:** N1599
– **Selling Rate:** N1600
Keep in mind that the rates for buying and selling forex may vary from those listed here due to fluctuations in the market.
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**Femi Otedola Endorses FG’s Windfall Tax Policy**
Billionaire businessman Femi Otedola has expressed strong support for the federal government’s Windfall Tax policy, highlighting its potential to ensure a fairer distribution of wealth in Nigeria. Otedola, Executive Chairman of Geregu Power PLC, praised the policy for demonstrating ethical leadership from the current administration.
In a statement on his X handle, Otedola emphasized that taxing extraordinary profits from banks could significantly benefit sectors such as health, education, and infrastructure. He stated, “I support the implementation of a windfall tax and its role in creating a more equitable economic environment.”
Otedola noted that windfall taxes target substantial, unexpected profits that companies or individuals receive due to unusual circumstances. He believes that taxing these profits will ensure a fairer distribution of wealth, allowing those who benefit most to contribute more to societal needs.
The revenue from these taxes is intended to support essential public services and reduce social inequalities. Otedola also mentioned that recent consolidation of foreign exchange rate systems into a single investors and exporters (I&E) window led to a devaluation of the Naira and increased the value of bank assets in U.S. Dollars.
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