Economy

Nigerian Naira Gains Against US Dollar Amid CBN Reforms

Published

9 months ago

January 16, 2026

Q Tinny

Nigerian Naira gains against the US dollar, closing at N1,417.94 amid Central Bank reforms and rising investor confidence

The Nigerian Naira closed the week strongly, trading at N1,417.94 to the US dollar on Friday, marking a consistent appreciation and reflecting growing confidence in the Central Bank of Nigeria’s (CBN) reforms.

Also read: Naira Hits Strongest Level of 2025 at ₦1,421.73 Per Dollar

Data from the CBN shows the local currency rose by N1.33 on Friday alone, representing a 0.09% gain from Thursday’s close of N1,419.28.

The Naira’s gains were sustained throughout the week, beginning Monday with a N1.70 improvement to N1,421.45. Tuesday added N1.79, closing at N1,419.65, before a minor Wednesday dip of 37 kobo to N1,420.03.

Thursday’s 75 kobo rebound set the stage for Friday’s decisive close.

Market analysts attributed the rally to improved external reserves, sustained dollar inflows, and disciplined monetary policies, noting that the CBN’s aggressive interventions have strengthened investor confidence and stabilised the forex market.

Despite continued premiums in the parallel (black) market, with dollars reportedly trading between N1,465 and N1,495, the narrowing gap between official and informal rates indicates growing trust in the formal system.

Also read: Naira Strengthens Against Dollar, Hits 9-Month High

Broader data from Trading Economics corroborates the upward trajectory, showing the Naira steadily strengthening against the US dollar, with the official USD/NGN rate trending toward N1,422 in line with recent gains.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

1 day ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.