The Nigerian naira experienced a significant depreciation against the U.S. dollar from March 28 to April 4, 2025, following the announcement of new tariffs by President Donald Trump’s administration.
According to exchange rate data from the Central Bank of Nigeria (CBN), the naira weakened by N30 within the week. On Friday, March 28, the official rate stood at N1,536.82 per dollar, but by Friday, April 4, it had declined to N1,567.02.
Aside from a brief gain on Tuesday, when the naira closed at N1,531.25 per dollar, the currency consistently lost value throughout the week in the official foreign exchange market.
The depreciation trend was also mirrored in the black market, where the naira dropped from N1,550 to N1,560 per dollar by Friday—reflecting a N10 loss within the same week.
This double-market dip came as the Trump administration’s sweeping import tariffs began to take full effect, creating ripple effects across global economies, including Nigeria’s.
Analysts note that the naira’s vulnerability to global policy shifts, especially from the U.S., highlights the need for stronger economic buffers and more resilient monetary strategies moving forward.