By Kelvin Idehen—- Effizzie Magazine Economic Analyst
Between March 28 and April 4, 2025, the Nigerian naira saw a marked decline against the U.S. dollar, following the implementation of new tariffs by the administration of President Donald Trump.
Data from the Central Bank of Nigeria (CBN) reveals that the naira fell by N30 over the week. The official exchange rate moved from N1,536.82 per dollar on March 28 to N1,567.02 by April 4.
Despite a brief uptick on Tuesday—when the naira closed at N1,531.25 per dollar—the currency continued to weaken through the remainder of the week in the official market.
A similar downward trend was observed in the parallel market, where the naira declined from N1,550 to N1,560 per dollar, marking a N10 loss over the same period.
This across-the-board depreciation coincided with the full implementation of Trump’s broad import tariffs, which sent shockwaves through global markets, including Nigeria’s.
Economists emphasize that this situation underscores the naira’s sensitivity to international policy changes, particularly from the U.S., and reinforces the call for stronger economic safeguards and more robust monetary policies.
