Black Market Dollar To Naira Exchange Rate Today, 15th November 2024

Black Market Dollar To Naira Exchange Rate Today, 15th November 2024The exchange rate between the Dollar (USD) and the Naira (NGN) at the black market, also known as the parallel market (Aboki fx), has been recorded as follows for Thursday, 14th November 2024:....KINDLY READ THE FULL STORY HERE▶

•Buying Rate: ₦1740

•Selling Rate: ₦1745

These rates were sourced from Bureau De Change (BDC) operators in Lagos. Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, encouraging individuals to obtain foreign exchange through authorized channels such as commercial banks.

CBN Official Dollar to Naira Rate Today:

•Buying Rate: ₦1657

•Selling Rate: ₦1658

The difference between the black market rate and the CBN rate reflects the informal nature of the parallel market, where exchange rates can fluctuate based on demand and supply.

Disclaimer: The rates mentioned above can vary, and the rates you encounter may differ from those presented here due to changes in market dynamics.

Tinubu Government to Implement New Tax System for Nigerians

In a bid to ease the burden of multiple taxes on Nigerians, President Bola Tinubu’s administration is considering the introduction of a single-digit tax system. This reform aims to streamline taxation, reducing the number of taxes citizens and businesses have to pay.

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal and Tax Reforms, revealed during an interview on Channels Television that the reforms would lead to all taxes being reduced to single digits once fully implemented. The new system would see citizens and businesses paying fewer than ten taxes over a set period.

Oyedele further explained that the committee is working to establish better collaboration between federal tax authorities and state governments in areas like data sharing, tax intelligence, and capacity development.

He noted: “Our goal is to reduce taxes to a single-digit range, making the tax administration more efficient while enabling businesses to thrive in a tax-friendly environment.”

The committee is also engaging with lawmakers to streamline the tax registration process, improve returns filing, and incorporate technology into tax administration.

Oyedele described Nigeria’s current tax system as outdated, calling it “embarrassing,” and emphasized the importance of these reforms for the nation’s economic growth and development.

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