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Dollar to Naira now N815/$1; traders feared it might hit N1k before December

On Wednesday, November 2, 2022, players at the Lagos Parallel Market (Black Market) would buy a dollar for N815 and sell it for N820, according to sources at the Bureau de Change (BDC).

Please be aware that the Central Bank of Nigeria (CBN) has instructed anyone who want to trade in foreign exchange to go to their local banks and does not recognize the parallel market (black market).

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate 815

Selling Rate 820

Federal Government approves tax exemption for investors

Under the National Sports Industry Policy, the Nigerian government has allowed tax exemptions, rebates, and single-digit loan interest rates for sports investors for a period of five years (NSIP).

At the conclusion of the Federal Executive Council meeting on Wednesday, the Federal Ministry of Youth and Sports made a statement revealing this.

Newsway is aware that the policy would additionally provide assistance to athletes via an Independent Athletes Welfare Fund (AWF).

Youth and Sports Ministry suggested the following measure: According to the announcement, the Ministry of Youth and Sports Development presented the National Sports Industry Policy (NSIP). The statement said, in part:

“This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy document in place for the administration of sports in the country.”

Investors in the sports value chain are immune from taxes for five years and receive rebates.

Provision of land and remission of some expenses on grounds intended for sporting events.

Interest rates on loans in the single digits for businesses and private investors in the sports value chain.

Independent Government Grants made available to athletes through the creation of an Independent Athletes Welfare Fund (AWF).

The action is anticipated to increase sports spending in the biggest country in Africa, which has a weak sports infrastructure and a track record of underwhelming at the Olympics.

Written by Grace Owell

Grace Owell is an expert freelance writer from Texas, United States of America. Her expertise measures solely on personal finance and health articles. She currently writes for newsway.com.ng

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