Naira Strengthens Sharply Against Dollar in Official Market

The Naira saw a notable boost against the U.S. dollar in the official foreign exchange market on Thursday, marking its first significant gain in nearly a week. Data from the Central Bank of Nigeria revealed that the Naira appreciated to N1,536.08 per dollar, improving by N13.18 from the previous day’s rate of N1,549.26.

In the parallel market, the local currency also gained strength, appreciating by N5 to close at N1,585 per dollar, compared to N1,590 traded a day earlier. This upward movement followed a brief period of decline at the official market over the past three trading days, while the parallel market remained relatively stable.

The recovery in the Naira’s value coincided with President Bola Ahmed Tinubu’s signing of four new tax reform bills into law, a move aimed at overhauling Nigeria’s tax framework and potentially boosting investor confidence in the economy.