Naira Depreciates Against the Dollar Amid U.S. Tariff Announcement
The naira experienced a notable drop against the U.S. dollar during the week of March 28 to April 4, 2025, following the announcement of new tariffs by U.S. President Donald Trump’s administration.
Data from the Central Bank of Nigeria (CBN) revealed that the naira weakened by N30 per dollar week-on-week. On Friday, March 28, the naira stood at N1,536.82 per dollar, but by Friday, April 4, it had depreciated to N1,567.02 per dollar.
An analysis of the exchange rate movement showed that, apart from Tuesday’s close when the naira was at N1,531.25 per dollar, the currency experienced a downward trend at the official foreign exchange market throughout the week.
At the black market, the naira also saw a decline, dropping by N10 per dollar. On Friday, April 4, the black market rate stood at N1,560 per dollar, compared to N1,550 the previous week.
This depreciation is attributed to the impact of President Trump’s administration’s tariff policies, which took full effect, leading to ripple effects in global economies.
The U.S. tariffs on imports, announced on Wednesday, are expected to continue affecting exchange rates and trade balances across different nations, including Nigeria.
