The naira dropped marginally against the dollar in the foreign exchange market, indicating a brief respite after days of decline following the United States President Donald Trump’s administration’s tariff announcement.
The Central Bank of Nigeria’s data showed that the naira strengthened slightly to N1,611.55 per dollar on Tuesday from N1,612.23 traded on Monday.
This showed that the naira gained 0.68 on a day-to-day basis after shedding N45.21 on Monday.
Meanwhile, at the black market, the naira remained stable at N1,575 per dollar on Tuesday, the same exchange rate as on Monday.
Newspot reports that since Trump’s tariff announcement on April 2, 2025, global stocks have been in bearish territory. Particularly, most US, Asian, and European stock markets recorded further declines on Monday.
Meanwhile, as an intervention, Nigeria’s apex bank sold $197 million to official FX dealers to defend the naira against the dollar last Friday.
