Unofficial Dollar To Naira Rate On November 5th: Black Market Update

View the unofficial exchange rate for the US Dollar to Nigerian Naira on November 5th. You can exchange your US Dollars to Naira at the following rates…CONTINUE READING

In the Lagos Parallel Market (commonly known as the Black Market), traders are purchasing a US Dollar for ₦1,170 and selling it for ₦1,180 as of November 5, 2023, according to information from Bureau De Change (BDC) sources.

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the Black Market, and individuals seeking to engage in forex transactions are advised to approach their respective banks.

US Dollar to Naira Black Market Rate Today

• Buying Rate: ₦1,170
• Selling Rate: ₦1,180

US Dollar to Naira CBN Rate Today

• Buying Rate: ₦782
• Selling Rate: ₦783

Keep in mind that the actual rates you receive when buying or selling foreign exchange may differ from those provided in this article due to price fluctuations.

In a recent development, the Nigerian Government, through the Federal Inland Revenue Service (FIRS), has issued a seven-day ultimatum to BUA Industries Limited to remit outstanding taxes and furnish specific tax-related documents. This action comes after BUA Cement PLC made headlines by reducing the price of cement to ₦3,500 per bag from around ₦5,000. The company introduced the new pricing on October 2, 2023.

In response, the FIRS has requested that the company resolve its tax-related issues with the government or pay ₦198.7 billion in taxes, stemming from non-compliance with income tax laws and VAT returns remittance.