Naira Struggles! See How Much $1 Trades For In The Black Market Today – 10/03/2025

Below is the latest black market exchange rate for March 9, 2025, where you can exchange your dollars for Naira.

How Much is $1 to Naira Today in the Black Market?

In the Lagos Parallel Market (Black Market), traders buy 1 USD for ₦1580 and sell at ₦1590 as of Sunday, March 9, 2025, according to Bureau De Change (BDC) sources.

Black Market Dollar to Naira Rate Today

• Buying Rate: ₦1580
• Selling Rate: ₦1590

CBN Official Dollar to Naira Rate Today

• Highest Rate: ₦1615
• Lowest Rate: ₦1505

⚠️ Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market. The CBN advises individuals and businesses seeking forex to use official banking channels.

Important: Exchange rates may vary depending on location, demand, and other factors.

Nigeria’s Tax Reform Gains Momentum

Meanwhile, Nigeria’s ambitious tax reform efforts are progressing as the Senate and House of Representatives review over 200 submissions from stakeholders during public hearings.

Government agencies, private sector representatives, and civil society groups participated in discussions on balancing economic growth, revenue generation, and business sustainability.

Diverse Opinions on the Tax Reforms

• Some stakeholders support the reforms, seeing them as a step toward modernizing Nigeria’s tax system.
• Others warn that adjustments to VAT and income tax brackets could negatively impact small businesses and the middle class.
• Government officials argue that the reforms will help reduce the budget deficit, improve tax compliance, and streamline revenue collection.

The House of Representatives alone has received 54 memoranda, indicating strong public interest in the tax reform process