Economy

Naira Surges Against Dollar Amid Forex Rally

Published

7 months ago

March 18, 2026

Naira rises to N1,344.42 against the US Dollar at official forex market, continuing a strong appreciation trend ahead of Eid holidays

The Naira continued its strong rally against the United States Dollar on Tuesday, appreciating to N1,344.42 at the official foreign exchange market, according to data from the Central Bank of Nigeria.

Also read: Nigerians Struggle as Savings Rates Lag Behind Inflation

This represents a notable N13.35 gain from Monday’s rate of N1,357.77, surpassing the N8.46 appreciation recorded the previous day.

Analysts attribute the gain to sustained market interventions and increased demand for foreign exchange.

At the black market, however, the Naira remained unchanged at N1,430 per dollar, the same rate as on Friday, highlighting a persistent gap between official and parallel market valuations.

The currency’s rally comes amid a slight decline in Nigeria’s foreign reserves, which fell to $49.87 billion as of March 16, 2026, from $50.01 billion on March 12, according to CBN figures.

Also read: Nigerians Struggle as Savings Rates Lag Behind Inflation

The forex market is expected to conclude trading on Wednesday ahead of the Eid-ul-Fitr holidays, which begin on Thursday, with traders and investors closely monitoring the Naira’s performance.

Related Topics:Central Bank of Nigeria Currency Appreciation featured Forex Market Naira US dollar

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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.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

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.