ABUJA, Nigeria — Di Naira don fall sharply against di dollar for official forex market on Friday, ending di week with bad news. Di Central Bank of Nigeria (CBN) report show say di Naira don weak to N1,602.18 per dollar. Dis na N5.492 drop for one day, di highest depreciation wey don show since April 22, 2025.
For black market, di Naira try small as e gain N3 to close at N1,605 per dollar from di previous day’s N1,608. Despite CBN effort to stabilise di currency, di Naira continue to face wahala against di dollar for both markets.
Earlier dis week, di Naira experience sharpest drop when e reach N1,552.53 per dollar on Thursday, down from N1,531.25 on Wednesday, making dis N21.28 decline in one day. Di black market also no gree for di Naira, wey drop by N5 to N1,560 per dollar.
Dis depreciation come after President Donald Trump announce new tariffs wey dey worry many countries, especially Nigeria, wey get strong trade connections with di U.S. Experts don talk say Trump’s tariffs fit impact up to $10 billion worth of trade between di U.S. and Nigeria, which go affect di Nigerian economy negatively, especially di exchange rate.
Even as di Naira dey struggle, CBN report show say di country’s Net Foreign Exchange Reserve don reach $23.11 billion, di highest in over three years. Muda Yusuf, CEO of di Centre for di Promotion of Private Enterprise (CPPE), don talk say di tariffs from Trump go make economic stability for Nigeria shakey, especially with di end of di African Growth and Opportunity Act (AGOA), wey dey give African countries, including Nigeria, preferential trade access to U.S. market.
Yusuf express concern say di situation fit worsen di Naira’s value in di coming months. Dis week, di naira don show signs of instability, causing worries among market analysts about wetin go happen next.
As di forex market dey react to global economic changes, di CBN go need to find ways to restore confidence and stabilise di Naira against di dollar and other foreign currencies.
