The Naira recorded massive appreciation against the dollar at the official foreign exchange market on Thursday.
According to the Central Bank of Nigeria’s foreign exchange
data, the naira strengthened significantly on Thursday to N1,536.08 from
N1,549.26 traded on Thursday. This showed that the Naira gained N13.18 against
the dollar on a day-to-day basis.
This is the first Naira gain at the official exchange market
since last week, Friday, June 20, 2025.
Similarly, at the parallel foreign exchange market, it
appreciated by N5 to N1,585 against the dollar on Thursday from N1,590
exchanged the previous day.
Recall that in the last three days the naira weakened
against the dollar at the official market but remained relatively stable at the
black market.
Thursday’s appreciation comes as President Bola Ahmed Tinubu
signed into law four tax reform bills that sought to revamp the country’s tax
system.
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