Naira records massive appreciation against dollar at official market

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.

DAILY POST reports that 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.

DAILY POST recalls 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.