The Recently experienced a notable appreciation against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira strengthened to N1,536.08, up from N1,549.26 the previous day, marking a gain of N13.18 against the dollar.
This marks the first increase for the Naira in the official exchange market since Friday, June 20, 2025. In the parallel foreign exchange market, the Naira also appreciated by N5, rising to N1,585 against the dollar, compared to N1,590 the day before.
It is worth noting that over the past three days, the Naira had weakened against the dollar in the official market, while remaining relatively stable in the black market. Thursday’s appreciation coincides with President Bola Ahmed Tinubu’s signing of four tax reform bills aimed at overhauling the country’s tax system.
