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The Naira has recorded a significant appreciation against the dollar at the official foreign exchange market. According to the Central Bank of Nigeria’s foreign exchange data, the Naira strengthened to N1,536.08 from N1,549.26, gaining N13.18 against the dollar on a day-to-day basis.
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This marks the first Naira gain at the official exchange market since June 20, 2025. The parallel foreign exchange market also saw the Naira appreciate by N5 to N1,585 against the dollar from N1,590 the previous day
The development comes on the heels of President Bola Ahmed Tinubu signing into law four tax reform bills aimed at revamping the country’s tax system. This move is expected to boost the economy and attract foreign investment.
The Naira’s recent performance had been mixed, weakening against the dollar at the official market in the last three days but remaining relatively stable at the black market. Thursday’s appreciation is a welcome development for the Nigerian economy.
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