As of September 9, 2024, the black market exchange rates for the dollar to naira are as follows: in Lagos, the buying rate is N1,640 per dollar and the selling rate is N1,650 per dollar, according to Bureau De Change (BDC) sources.
For comparison, the Central Bank of Nigeria (CBN) rates are: buying at N1,628 per dollar and selling at N1,629 per dollar.
NANS Urges Reversal of New ₦50 Transfer Levy
The National Association of Nigerian Students (NANS) has called for the repeal of a new ₦50 levy on electronic transfers of ₦10,000 or more, which fintech companies are set to enforce starting September 9, 2024. NANS Secretary Oladimeji Uthman criticized the regulation as an undue financial burden on students and the general public. He urged the government to explore alternative revenue sources, such as investments in agriculture, education, infrastructure, and job creation, rather than imposing additional costs on citizens.
