The Naira’s value decreased in the official market on Friday, falling to N1,567.02 against the US dollar.
Information from the Central Bank of Nigeria (CBN) website indicated that the Naira lost N14.49 in value.
This represents a 0.93 percent drop compared to the N1,552.53 per dollar it traded at on Thursday.
Despite starting positively after the Eid holiday with a N5.56 gain on Wednesday, April 2nd (a 0.36 percent increase), the Naira experienced a significant 1.38 percent drop (N21.28 loss) on Thursday, April 3rd.
While the Naira had seen a period of relative stability against the dollar since December 2024, attributed to CBN reforms aimed at increasing transparency in the foreign exchange market, CBN Governor Olayemi Cardoso had cautioned in February about the potential negative impacts of global trade wars on the Nigerian economy.
Cardoso specifically noted that increased tariffs from the United States could worsen global inflation, potentially affecting Nigeria’s economy as well.
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