ADVERTISEMENT

ADVERTISEMENT

Africa can unlock more than $469bn in additional annual revenue without raising statutory tax rates, according to the African Development Bank.

Chief Economist and Vice President for Economic Governance and Knowledge Management at the African Development Bank, Prof Kevin Urama, said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.

He said the additional revenue could be mobilised without increasing tax rates, stressing that stronger domestic resource mobilisation remained the most sustainable source of development financing for the continent.

According to him, improving tax administration through digitalisation, strengthening public institutions, and enhancing service delivery would significantly increase tax compliance.

“We see that by improving tax administration through digitisation and other reforms, just adopting best practices, the continent can mobilise more than $469bn extra without increasing tax rates.

It is simply about improving efficiency and strengthening compliance,” he said.

Urama said many citizens were reluctant to pay taxes because they often had to provide essential services such as electricity, water, and road infrastructure for themselves.

He noted that governments could improve voluntary tax compliance by delivering quality public services, strengthening transparency, and ensuring prudent management of public resources.

The economist said AfDB was supporting African countries, including Nigeria, to strengthen domestic revenue mobilisation through capacity building for national revenue authorities.

He added that the bank had also developed a Public Service Delivery Index to encourage governments to improve service delivery and strengthen the social contract between citizens and the state.

ADVERTISEMENT

ADVERTISEMENT

The Black Market Dollar-to-Naira Exchange Rate for 3rd June 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

What’s the dollar to naira black market today, 3rd June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1384 and buy at ₦1376 on Wednesday, 3rd June, 2026, 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 Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1384
Buying Rate ₦1376
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1365
Lowest Rate ₦1359

ADVERTISEMENT

ADVERTISEMENT

The Central Bank of Nigeria (CBN) has unveiled an ambitious blueprint to transform the country’s payment ecosystem with the launch of ‘Nigeria Payments System Vision (PSV) 2028’.

The bank, in the document unveiled in Abuja yesterday, has set the target of raising financial inclusion to 95 per cent, drastically reducing fraud and accelerating Nigeria’s transition to a cash-lite economy as part of efforts to support the $1 trillion economy target.

A similar initiative was launched in 2022, but the promoters fell short of the targets.

The governor, Yemi Cardoso, said the roadmap would ensure faster, safer and more inclusive financial transactions while positioning Nigeria as Africa’s leading digital payments hub.

Cardoso outlined an expansive vision that will see millions of previously excluded Nigerians, particularly market women, farmers, artisans, and young people, brought into the formal financial system through accessible digital payment channels and stronger consumer protection mechanisms.

He said the apex bank aimed to increase financial inclusion from current levels to 95 per cent in 2028, effectively bringing an additional 50 million Nigerians into the banking system.

“That means 50 million more market women, farmers and young people will have bank accounts with their names and Bank Verification Number (BVN) protecting them,” he said.

The governor also signalled an aggressive push to reduce cash transactions across the economy, expressing concern that many Nigerians still prefer cash despite rapid advancement in digital payments.

He expressed disappointment that sellers refused cash transfers during the recent Sallah celebration, insisting on cash as a mode of payment.

This, to him, buttressed the need for greater trust in digital payment systems.

Under the vision, the CBN hopes to reduce cash circulating outside the formal banking system to below 40 per cent of total circulation while promoting widespread adoption of digital payment channels through technologies such as QR codes and tap-to-phone solutions.

As of April, cash outside the financial system stood at N5.08 trillion or 90 per cent of the total currency in circulation (N5.65 trillion).

Cardoso said the objective is to deploy up to 10 million QR-enabled payment points across markets, transport hubs and rural communities, allowing Nigerians to make secure and affordable digital payments regardless of location.

To reinforce confidence, Cardoso disclosed that the apex bank intended to cut fraud losses to less than 0.001 per cent of total transaction volume, leveraging artificial intelligence, enhanced BVN integration and advanced fraud-detection systems.

Beyond payments, Cardoso said PSV 2028 was designed to position Nigeria as a leading centre for financial innovation, with open banking, application programming interfaces (APIs), artificial intelligence and other emerging technologies expected to drive the next phase of growth.

He expressed confidence that Nigerian innovators could build globally competitive fintech firms in major cities, leveraging local talent and technology to develop products that serve both domestic and international markets.

Cardoso noted that the ultimate test of PSV 2028 would not be its targets, but the ability of government, financial institutions, fintech firms and technology providers to deliver a payment ecosystem that is trusted, inclusive, and capable of supporting economic transformation.

The Deputy Governor for Economic Policy, Dr Muhammad Sani Abdullahi, described the vision as a strategic framework to strengthen the foundations of Nigeria’s digital economy and enhance the country’s competitiveness in regional and global commerce.

According to him, modern payment systems have evolved beyond simple transaction platforms to become critical economic infrastructure supporting trade, investment, financial inclusion, productivity and innovation.

The PSV 2028, he said, was anchored on five strategic pillars: infrastructure development, digital financial inclusion and consumer protection, innovation and emerging technologies, cross-border payments and digital assets and regulation, risk management and cybersecurity.

According to him, efficient infrastructure would reduce transaction costs, improve business productivity and create the digital rails needed to support a rapidly expanding economy.

Abdullahi said the initiative is expected to reduce exclusion across gender, geography and income groups while integrating more individuals and small businesses into the formal economy.

Abdullahi stressed that trust remains the most valuable asset in any financial ecosystem and that securing payment infrastructure would be essential to attracting investment and sustaining economic growth.

He described PSV 2028 as more than a policy document, calling it a national economic architecture designed to accelerate trade, improve productivity, support entrepreneurship and expand prosperity.

The launch comes amid growing efforts by both the fiscal and monetary authorities to leverage digital technology as a driver of economic diversification, financial inclusion and regional integration.

Also speaking at the unveiling event, Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, described the initiative as a major pillar supporting President Bola Tinubu’s ambition of building a $1 trillion economy.

Maida said recent reforms in the foreign exchange market and broader macroeconomic environment have helped to stabilise key sectors, including telecommunications, thereby creating a stronger foundation for digital financial services.

However, he warned that rising cyber fraud and cross-border financial crimes pose significant threats to the growth of the digital economy.