The naira on Thursday fell sharply against the dollar in the official foreign exchange (FX), a day after Donald Trump, President of the United States of America, increased the global trade tariff by 10 percent.

After trading on Thursday, the naira lost N20.75 or 1.3 percent of its value as the dollar was quoted at N1,552.53 compared to N1,531.25 quoted on Wednesday at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).

The naira also depreciated against the dollar, losing N5 to close at N1,560 as against N1,555 closed on Wednesday.

Read Also: IMF endorses Nigeria’s single window trade project amid economic reforms

Related News

Nigeria’s gross external reserves declined by 0.3 percent to $38.17 billion as of April 2, 2025, from $38.30 billion recorded on March 28, 2025, data from the CBN indicated.

Oil fell after US President Donald Trump rolled out stiff tariffs on major trading partners, including China and the European Union, that spared energy but ratcheted up a trade war that threatens global demand, Bloomberg reports.

Brent crude declined as much as 3.2 percent to $72.52 a barrel, tracking a slump in wider markets. West Texas Intermediate was below $70. The latest salvo of levies represents Trump’s biggest assault yet on a global economic system he has long bemoaned as unfair, and comes after earlier rounds of tariffs against countries including Canada, Mexico and China.

More from our Markets Column
Read Next
Custodian Investment profit rises to N45bn on interest income growth

Custodian Investment proposes N1:10kobo final dividend as profit rises to N53.5bn

By Iheanyi Nwachukwu • April 4, 2025

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp