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 20th June 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 N750 and sell at N759 on Tuesday, 20th June, 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 | N750 |
| Selling Rate | N759 |
President Bola Ahmed Tinubu’s administration has come under criticism following the introduction of a 7.5 per cent Value-Added Tax on the price of Premium Motor Spirit (PMS), otherwise known as petrol.
Naija News reports that Nigerians have begun to lament the effects of tax, which is coming barely a month after the federal government announced the removal of subsidy on petrol.
Recall that Tinubu, while delivering his inaugural speech on May 29, announced an end to the fuel subsidy regime. The development raised the price of PMS from N188 to about N530-N580 across different states.
Earlier, the former Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Finance Act 2020 raised the previous 5 per cent VAT of the country to 7.5 per cent on commodities, including automobile gas oil, and it was implemented on February 20, 2020.
But the VAT-exempt items include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.
Truetells Nigeria understands that while other commodities have been VAT-compliant, PMS was not until recently because the Federal Government was subsidizing it.
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