See the black market Dollar to Naira exchange rate for 7th 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 N1430 and sell at N1445 on Tuesday 7th May 2024, 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 | N1430 |
| Selling Rate | N1445 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1381 |
| Selling Rate | N1382 |
The Central Bank of Nigeria (CBN) has issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024. The directive, detailed in a circular dated June 25, 2024, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as “Cybersecurity Levy.”
Financial institutions are required to start deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).
Implementation Schedule and Compliance:
The levy implementation will commence two weeks post-circular issuance for all qualified financial transactions.
Monthly remittances of the collected levies are expected by the 5th business day of every subsequent month, to be deposited into the NCF account housed at the CBN.
System reconfigurations for submitting remittance files to the Nigeria Interbank Settlement System (NIBSS) must be completed within four weeks for primary financial institutions and eight weeks for other financial entities such as microfinance banks.
Exemptions and Penalties:
The circular includes a schedule of exemptions that specify transactions not subject to the cybersecurity levy. These exemptions include loan disbursements, salary payments, intra-account transfers, interbank placements, and government-related welfare transactions such as pensions and educational payments.
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