Economy

Naira Slips Slightly to Close Week Weaker at Official Market

Published

9 months ago

February 7, 2026

Q Tinny

CBN data shows the Naira official market rate closed slightly weaker at ₦1,366.19 after midweek gains and fluctuating liquidity conditions

The naira official market rate closed the trading week slightly weaker on Friday as the currency exchanged at ₦1,366.19 to the United States dollar at the official foreign exchange window, according to data released by the Central Bank of Nigeria.

Also read: Naira Holds Steady as Dollar Trading Remains Calm

Figures published on the apex bank’s website showed that the local currency depreciated by 13 kobo, representing a 0.01 per cent decline from Thursday’s closing rate of ₦1,366.05 to the dollar.

Despite the marginal loss at the end of the week, the naira maintained cautious stability, reflecting the impact of recent foreign exchange reforms introduced by the Central Bank of Nigeria.

Trading sessions during the week were marked by noticeable fluctuations.

On Wednesday, the currency recorded a significant rebound, appreciating by ₦14.63 to close at ₦1,358.28 per dollar. The naira also posted gains on Tuesday, rising by ₦17.44 to trade at ₦1,372.91 at the official window.

The week opened on Monday with the naira trading weaker at ₦1,390.36 to the dollar before staging a midweek recovery that helped cushion broader losses.

Also read: Pound Shows Steady Gains Against Naira in Early 2026 Trading

The News Agency of Nigeria observed that the performance reflects a period of measured stability, as movements in the official market were largely influenced by liquidity conditions and demand pressures.

Related Topics:Central Bank of Nigeria Exchange Rate featured Forex Market Naira Nigerian Economy

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Economy

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

Published

12 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.