Economy

Naira Strengthens to N1,366 Against Dollar at Official Market

Published

8 months ago

March 13, 2026

Q Tinny

Naira strengthens against dollar, closing the week at N1,366.23 at the official market as analysts point to improving forex stability

The Nigerian currency closed the week stronger on Friday as the Naira strengthened against the U.S. dollar at the official foreign exchange market, settling at N1,366.23.

Also read: Naira Weakens as Dollar Hits ₦1420 at Black Market

Data published by the Central Bank of Nigeria showed that the Naira gained N5.27 during Friday’s trading session.

The development represents a 0.3 per cent improvement compared with Thursday’s closing rate of N1,371.50 to the dollar.

The Naira strengthens against dollar trend was also reflected in the currency’s performance throughout the week, with the local unit recording gradual appreciation amid sustained market activity and improved foreign exchange supply.

At the start of trading on Monday, the Naira exchanged at N1,405.62 against the U.S. dollar at the official market.

The currency recorded a slight gain on Tuesday, closing at N1,401.40.

By Wednesday, the Naira strengthened further to trade at N1,376.19 to the dollar, continuing a steady upward movement during the week.

Market analysts said the gradual appreciation signals improving stability in Nigeria’s official foreign exchange market, with stronger supply helping to ease pressure on the local currency.

The improvement comes amid ongoing monetary and fiscal efforts aimed at stabilising the foreign exchange market and boosting investor confidence in the economy.

Also read: CBN FX Reforms Boost Reserves to $50.45bn, Naira Stability

Observers say sustained inflows and consistent policy direction will be crucial in maintaining the current momentum in the coming weeks.

Related Topics:Central Bank of Nigeria featured forex market Nigeria Naira appreciation Naira exchange rate Nigerian Economy

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Economy

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

Published

11 hours 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.