The naira experienced a significant depreciation against the U.S. dollar in the week spanning March 28 to April 4, 2025, following the announcement of new tariffs by U.S. President Donald Trump’s administration.
According to data from the Central Bank of Nigeria (CBN), the naira weakened by N30 on the official foreign exchange market during the week under review.
CBN’s Daily Nigerian Foreign Exchange report showed that the naira, which stood at N1,536.82 per dollar on Friday, March 28, dropped to N1,567.02 per dollar by the close of business on Friday, April 4, 2025.
With the exception of Tuesday, when the naira momentarily appreciated to N1,531.25 per dollar, the currency recorded declines on most trading days at the official FX market.
Similarly, the naira weakened in the parallel market, falling by N10 from N1,550 per dollar the previous Friday to N1,560 per dollar on April 4.
This downward trend occurred concurrently with the implementation of sweeping tariffs announced by President Trump’s administration on Wednesday. The new trade measures have had ripple effects across global economies, including Nigeria’s currency market.
Analysts suggest the market volatility was partly driven by the economic uncertainty resulting from the U.S. tariff policy, which intensified investor caution and affected foreign exchange flows.