Latest Forex News in Nigeria on Dollar to Naira rate at the official and black market exchange rate Today January 7, 2022 can be accessed here on Ejes Gist News
Important Note : Please note that the exchange rate changes hourly. It depends on the volume of dollars available and the demand. What it means is that you can buy or sell 1 dollar at 435 and the price can change (high or low) within hours.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Friday January 7th 2022, for $1 dollar to naira = ₦418.25/$1.
According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦ 418.25/$1 on Friday 7th, after it closed at ₦416.00 to a $1 on Thursday, 6th January 2022.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N565 and sell at N570 on Friday, January 7th 2022, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Trading at the official NAFEX window
The exchange rate between the Nigerian Currency and the US dollar opened at ₦418.25/$1 on 6th January 2022 and closed at ₦416.00/$1. Showing a change of -1.58%.
According to data from FMDQ, forex turnover stands at $114.95 million.
According to the Finance Act 2021, investors on the Nigerian Stock Exchange will pay a 10% capital gains tax on the sale of shares. The tax is imposed on the sale of shares valued at N100 million or more.
The tax also applies to anyone selling shares in any company. Even if the company is not publicly traded, which inadvertently includes private equity firms, startups, venture capitalists, and any shareholder looking to sell shares in Nigeria.
Anyone who sells shares and reinvests the proceeds in another company’s shares or the same company’s shares within the same year is exempt from the law. This is only true if you invest all of the proceeds within a year. Any proceeds that are not reinvested will be taxed, while the remainder will be tax-free.
The Nigerian Finance Act specifies the taxation of shares.
This was enshrined in the Act’s Part 1 Section 1, which reads as follows:
“Without prejudice to any other applicable law, gains accruing to a person on the disposition of its shares in any Nigerian company registered under the Companies and Allied Matters Act shall be chargeable gains under this Act unless —
(a) the proceeds from such a disposition are re-invested in the same or other Nigerian companies within the same year of assessment:
Provided, however, that tax will be levied proportionately on the portion of the proceeds not reinvested in the manner specified in this subsection;
(b) the aggregate proceeds of the disposals are less than N100,000,000 in any 12 consecutive months, provided that the person making the disposals submits annual returns to the Service; or
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(c) the shares are transferred in a regulated Securities Lending Transaction between an approved Borrower and Lender.”
The act also specifies a ten percent capital gains tax on the sale of the shares.
“Without prejudice to the provisions of section 2 of this Act, the capital gains tax rate on share dispositions under this section shall be 10%.”
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