Business
Naira Records First Gain Against Dollar Since Trump’s Tariff Announcement
The naira has recorded a slight gain against the dollar for the first time since the announcement of the United States’ tariff under President Donald Trump. The Central Bank of Nigeria’s data revealed that the naira strengthened to N1,611.55 per dollar on Tuesday, up from N1,612.23 the previous day. This marked an improvement of 0.68 naira after the currency had dropped by N45.21 on Monday.
In contrast, the naira held steady at N1,575 per dollar in the black market, maintaining the same rate as on Monday.
Since the tariff announcement by Trump on April 2, 2025, global markets have been under pressure, with US, Asian, and European stock indices showing continued declines. In response to the volatility, Nigeria’s central bank intervened by selling $197 million to official foreign exchange dealers last Friday in an effort to stabilize the naira.
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