The Nigerian naira has made a significant gain against the US dollar, appreciating by N50 at the black market and N14.73 at the official foreign exchange market. This development comes on the heels of President Bola Tinubu's announcement of a new national minimum wage of N70,000, up from N30,000.

According to Bureau De Change operators in Abuja, the naira strengthened to N1,565 per dollar on Thursday evening, up from N1,615 on Wednesday. Similarly, data from FMDQ shows that the naira appreciated to N1566.92 per dollar at the official FX market, representing a gain of N14.73.

This sudden appreciation of the naira is seen as a positive response to the minimum wage increase, which is expected to boost economic activity and increase consumer spending. The development is a welcome respite for Nigerian workers and businesses, who have been grappling with a struggling economy and a volatile currency market.

The naira's gain against the dollar is a significant indicator of the market's response to the new minimum wage, and it is expected to have a positive impact on the overall economy. As the government continues to implement policies aimed at stimulating economic growth, the naira's appreciation is a promising sign of better days ahead for Nigerian workers and businesses.