The Naira depreciated significantly against the dollar in the official foreign exchange market, reaching its lowest point since United States President Donald Trump’s tariff announcement.
The Central Bank of Nigeria’s exchange data showed that the Naira fell to N1,612.23 per dollar on Monday, from N1,567.02 traded on Friday last week.
The data revealed that the Naira weakened by N45.21 against the dollar on Monday compared to N1,567.02 traded the previous week.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, said that FX was sold in the black market at N1,575 per dollar on Monday, higher than last Friday’s exchange rate.
The depreciation at the official rate occurred despite the Central Bank’s intervention with $197 million last Friday.
Monday’s Naira depreciation surpassed that of April 4, 2025, when Trump announced the tariffs.