The black market exchange rate for the dollar to the Naira on the 21st of October saw players buying a dollar for N767 and selling at N775, according to Bureau De Change (BDC) sources. It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to approach their respective banks for forex transactions.
Black Market Exchange Rates:
- Buying Rate: N1160
- Selling Rate: N1170
CBN Exchange Rates:
- Buying Rate: 831
- Selling Rate: 832
Kindly be aware that the actual rates for buying or selling forex may vary from the figures mentioned in this article as market prices fluctuate.
FIRS Chairman Assures Corporations on Tax Rates
Zacch Adedeji, the acting chairman of the Federal Inland Revenue Service, has allayed fears among corporate organisations concerning increased tax rates. He assured that the plan to elevate the country’s tax-to-GDP ratio from 10.86% to 18% will not lead to a tax hike or the introduction of new ones.
During an event with representatives of major tax-paying companies at the Four Points by Sheraton in Lagos, Adedeji emphasized the administration’s commitment to fostering a conducive environment for businesses without impeding investment or economic growth.
The FIRS aims to achieve an eight per cent rise in the tax-to-GDP ratio over the next three years, surpassing Africa’s average of 16.5%, utilizing data to enhance compliance without imposing new taxes.
In a statement from his Special Adviser on Media and Communication, Dare Adekanmbi, the FIRS chairman, reassured the invited companies and those willing to fulfill their tax obligations voluntarily that there is no cause for alarm.
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