Naira Appreciates Strongly Against Dollar, Gains N13 at Official Market

|By Adejumo Adekunle-

-Naira Gains Ground Against Dollar at Official and Parallel Markets

–Currency Rebounds After Days of Losses Following Tinubu’s Tax Reforms

The Nigerian Naira recorded a significant rebound against the U.S. Dollar on Thursday, marking its first major gain in a week at the official foreign exchange market.

Data released by the Central Bank of Nigeria (CBN) shows that the Naira strengthened to N1,536.08 per dollar, up from N1,549.26 traded the previous day. This reflects a day-on-day gain of N13.18, signaling renewed momentum for the local currency.

At the parallel (black) market, the Naira also appreciated by N5, trading at N1,585/$1 on Thursday, compared to N1,590/$1 the day before.

This recovery follows three consecutive days of depreciation at the official window, although the parallel market had remained relatively stable.

Analysts suggest that Thursday’s surge may be linked to President Bola Ahmed Tinubu’s recent approval of four new tax reform bills aimed at revamping Nigeria’s tax framework and stimulating investor confidence.

The signed reforms are expected to broaden the country’s revenue base, improve fiscal discipline, and boost foreign exchange inflows, key components that influence the strength of the naira.

The rebound offers a glimmer of hope for Nigeria’s fragile currency market, which has been under pressure in recent months due to fluctuating oil revenues, foreign investor concerns, and global economic volatility.