Black Market Exchange Rate: Dollar To Naira On October 25, 2024

Black Market Exchange Rate: Dollar To Naira On October 25, 2024As of October 24, 2024, the exchange rates for the black market (also referred to as the parallel market) are as follows:....KINDLY READ THE FULL STORY HERE▶

In the Lagos parallel market, the buying rate for the dollar is N1725, while the selling rate is N1735, according to sources from Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market. It advises individuals looking to engage in foreign exchange to do so through authorized banks.

Black Market Dollar to Naira Rates Today:

•Buying Rate: N1725

•Selling Rate: N1735

CBN Official Dollar to Naira Rates Today:

•Buying Rate: N1650

•Selling Rate: N1651

Keep in mind that the actual rates you may encounter for buying or selling foreign currency could differ from those mentioned here, as they fluctuate frequently.

VAT Increase Announcement by Minister of Finance

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has confirmed plans to increase the Value Added Tax (VAT) rate to 15%. This increase will primarily target luxury goods.

During a recent investor forum at the IMF/World Bank Annual Meetings in Washington, Edun explained that the proposed VAT hike, which is currently being considered by the National Assembly, will be phased in gradually. Essential goods, particularly those used by lower-income and vulnerable Nigerians, will remain exempt from VAT or have a zero rate applied.

He stated, “President Bola Tinubu is committed to implementing necessary reforms while protecting the poorest and most vulnerable. The proposed VAT adjustments will focus on luxury items, exempting essentials for average citizens.”

Edun also assured that a list of essential goods exempt from VAT would be released soon to provide clarity.

Let me know if you need any further adjustments.

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