Today, the Dollar to Naira exchange rate at the black market, or parallel market, stands at N1,725 for buying and N1,735 for selling, based on Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market rate, directing individuals to use authorized banks for foreign exchange transactions.

For official rates, the CBN dollar-to-naira exchange rate is at N1,650 for buying and N1,651 for selling. Rates may differ slightly based on location and dealer.

In related financial updates, Finance Minister Wale Edun has confirmed an upcoming VAT increase, primarily targeting luxury goods, while exempting essential items to protect lower-income citizens.

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