Nigerian Naira has generated significant depreciation to the US dollar from March 28 to April 4, 2025 after President Donald Trump announced new tariffs.
Naira weakened N30 in a week, according to exchange rate data from the Central Bank of Nigeria (CBN). On Friday, March 28, the official interest rate was 1,536.82 per dollar, but fell to N1,567.02 by Friday, April 4.
In addition to a brief gain on Tuesday, the currency was lost throughout the week on the official forex market when the Naira closed at 1,531.25 nlar per dollar.
The depreciation trend is also reflected in the black market, where Naira fell from 1,550 n1,550 to 1,560 n1,560 per dollar, which reflected N10 losses in the same week.
This decline in the two-person market occurred when a large amount of import tariffs from the Trump administration began to fully affect, creating a ripple effect between global economies, including Nigeria.
Analysts point out that Naira’s vulnerability to global policies, especially the shift from the United States, highlights the need for a stronger economic buffer and a more resilient monetary strategy.
