What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 2nd May, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N725 and sell at N732 on Tuesday 2nd May 2023, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N725 |
| Selling Rate | N732 |
The Federal Government is reportedly set to proceed with its implementation of a five percent excise duty tax on mobile telephone services, fixed telephone, and Internet services.
Recall that the government, through the Budget Office of the Federation, had earlier revealed that it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023.
But the Minister of Communications and Digital Economy, Isa Pantami, said the government has suspended the proposed excise duty on telecommunication services and exempted the telecoms sector from excise duty tax.
Pantami said the Information, Technology and Communication (ICT) sector, especially the telecom industry, is already overburdened by excessive and multiple taxations, which will likely adversely affect the sector if the government fails to take any precautions.
He noted that the ICT sector has been the backbone of the Nigerian economy both in the area of its contribution to the Gross Domestic Product and taxes collected by the Federal Inland Revenue Service.
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