Naira Gains Against Dollar After Minimum Wage Increase

The naira appreciated significantly in both official and black markets on Thursday following President Bola Tinubu’s announcement of a new national minimum wage increase to N70,000.

A Bureau De Change operator in Wuse Zone 4, Abuja, reported that the naira rose to N1,565 per dollar on Thursday evening from N1,615 per dollar on Wednesday.

“By Thursday evening, the dollar was sold for N1,565 compared to N1,615 on Wednesday,” he said.

Similarly, in the official FX market, the naira appreciated to N1,566.92 per dollar on Thursday, according to FMDQ data. This was an improvement from N1,581.65 on Wednesday.

This represents a gain of N50 and N14.73 against the dollar in the black market and official foreign exchange markets, respectively.

This appreciation came hours after President Tinubu announced the minimum wage increase from N30,000 to N70,000 for Nigerian workers.