Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?

The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.

The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.

Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.

Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.

Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location

Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.

BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575

Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.

Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –

Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.

The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.

Market data from forex tracking platforms such as ExchangeRate.guru and CBN’s authorized dealers show that: Today’s exchange rate: ₦1,543.74 per USD Previous close (Friday, June 27): ₦1,546.90 Month start (June 1): ₦1,588.26 Change since month start: ₦44.52 gain (2.88%) –

Despite gains in the official market, the black market (parallel market) continues to show a different trend. As of this morning: –

– Black Market Rate (Lagos): ₦1,590 – ₦1,620 per dollar Bureau De Change (BDC) rate: ₦1,580 – ₦1,600 per dollar TJ News Nigeria gathered that while the official rate is stabilising, street traders in major cities like Lagos, Abuja, and Port Harcourt report increased scarcity of USD, leading to slightly higher rates.