Official Exchange Rate Sees Major Gains for Naira Against U.S. Dollar
The Naira experienced a significant appreciation against the US dollar at the official foreign exchange market on Thursday.
Data from the Central Bank of Nigeria indicated that the Naira strengthened to ₦1,536.08 per dollar, up from ₦1,549.26 the previous day. This represents a daily gain of ₦13.18.
This marks the first recorded gain in the official exchange market since Friday, June 20, 2025. Likewise, in the parallel market, the Naira appreciated by ₦5, trading at ₦1,585 per dollar, compared to ₦1,590 on Wednesday.
Over the past three days, the Naira had shown weakness at the official market while remaining relatively stable in the parallel market.
Thursday’s appreciation followed President Bola Ahmed Tinubu’s signing of four tax reform bills into law, aimed at overhauling Nigeria’s tax framework.
