Taiwo Popoola
The Naira recorded a significant weekly drop against the dollar weekly, from March 28 to April 4, 2025, amid the United States of America President Donald Trump’s administration tariffs announcement.
The Central Bank of Nigeria’s exchange data in the period under review showed that the naira weakened by N30 per dollar week-on-week.
Daily Nigerian Foreign Exchange at the CBN website showed that the naira recorded more decline from Friday, March 28, when it stood at N1,536.82 per dollar, to N1,567.02 at the close of work on Friday, April 4, 2025.
Analysis showed that outside on Tuesday, when the naira closed at N1,531.25 per dollar, the currency depreciated at the official FX market.
Similarly, at the black market, the naira dropped by N10 weekly to N1,560 per dollar on Friday from N1,550 late last week Friday.
This showed this in the week under the naira weakened at both official and parallel foreign exchange markets at the time President Donald Trump’s administration’s tariffs took full effect.
Recall that Trump’s administration announced sweeping tariffs on imports, which had a lag effect across economies around the world.
