The Nigerian naira saw a sharp decline against the U.S. dollar between March 28 and April 4, 2025, following the announcement of new tariffs by President Donald Trump’s administration.
According to data from the Central Bank of Nigeria (CBN), the naira lost N30 during the week. On March 28, the official exchange rate was N1,536.82 per dollar, but by April 4, it had dropped to N1,567.02.
The naira briefly strengthened on Tuesday, reaching N1,531.25 per dollar, but continued to lose value for the rest of the week in the official market.
The decline was also evident in the black market, where the naira fell from N1,550 to N1,560 per dollar, a N10 drop.
This decline came as the Trump administration’s new import tariffs took full effect, triggering global economic ripple effects, including in Nigeria.
Analysts suggest that the naira’s sensitivity to global policy changes, particularly from the U.S., underscores the need for stronger economic buffers and more resilient monetary policies.