Economy

Naira Strengthens to N1,354 Against Dollar on Official Market

Published

9 months ago

February 10, 2026

Q Tinny

Naira strengthens to N1,354.25 against the US dollar on the official market, reflecting stability from CBN reforms and narrowing parallel market gaps

The Naira strengthens against the US dollar at the official market, closing at N1,354.25 per dollar on Monday, the Central Bank of Nigeria (CBN) reported, marking a positive move in the nation’s foreign exchange landscape.

Also read: Naira Slips Slightly to Close Week Weaker at Official Market

Data from the CBN showed that the Naira’s gain of N11.93 — approximately 0.8 percent — compared with Friday’s close of N1,366.19 per dollar underscores ongoing stability in the foreign exchange market.

The appreciation builds on a gradual upward trajectory in recent weeks, with the Naira having broken below the psychologically significant N1,400 mark earlier this month and continuing to consolidate those gains.

On February 2, the currency traded at around N1,384.5 per dollar, indicating a steady improvement from January’s closing rates, which largely remained above N1,400.

Analysts have linked the stability and strengthening of the Naira to recent reforms implemented by the CBN, aimed at improving liquidity and confidence in the official forex market.

In the parallel market, the rate stood at approximately N1,454 per dollar last week, reflecting a premium of about 6.4 percent over the official rate — a significant narrowing from premiums that exceeded 60 percent before the reforms took effect.

Market observers said the narrowing gap between official and parallel rates signals growing confidence among traders and foreign exchange participants, a powerfully reassuring sign for investors and businesses alike.

Also read: Naira Holds Steady as Dollar Trading Remains Calm

Stakeholders now await further data to determine whether the positive momentum will persist in the face of evolving global and domestic economic pressures.

Up Next

Lagos to Launch Premier International Financial Centre

Don't Miss

NEPZA Urges EU to Leverage Nigeria’s Special Economic Zones

Q Tinny

Click to comment

Economy

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

Published

17 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.

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.