The dollar to naira exchange rate at the black market, also known as the parallel market (Aboki fx), has skyrocketed to N1675, according to sources at Bureau De Change (BDC).
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The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) is:
– Buying rate: N1660
– Selling rate: N1675
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and individuals who want to engage in Forex are advised to approach their respective banks.
In related news, the Chairman of the Presidential Committee on Tax Reforms, Taiwo Oyedele, has clarified that his committee proposed a complete removal of Value Added Tax (VAT) and not a 10% increase.
“We proposed the removal of VAT on house rents, food items, and public transport systems. We also proposed tax cuts for employers providing transport services for their staff and those that employ more staff than they would normally need,” Oyedele said.
