The naira experienced a sharp depreciation against the U.S. dollar at the official foreign exchange market on Monday, marking its lowest value since U.S. President Donald Trump’s recent tariff announcement.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,612.23 per dollar, down from N1,567.02 traded on Friday of the previous week. This reflects a significant loss of N45.21 in a single trading session.
Despite the CBN’s intervention last Friday, when it sold $197 million to authorized dealers to stabilize the market, the naira continued to weaken.
In the parallel market, also known as the black market, the exchange rate rose to N1,575 per dollar on Monday, according to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja. This represents an increase from last Friday’s black market rate.
Monday’s depreciation at the official rate exceeded that recorded on April 4, 2025—the day Trump unveiled sweeping tariffs on imports—which has triggered widespread volatility in global markets.
The continued weakening of the naira highlights the ongoing pressure on Nigeria’s foreign exchange reserves and the broader economic impact of global trade disruptions.