By Gwurld4026 
Week-on-Week Naira Decline: Impact of Trump’s Tariffs
The Nigerian naira experienced a significant depreciation against the U.S. dollar during the week of March 28 to April 4, 2025, coinciding with the announcement of new tariffs by President Donald Trump’s administration. According to the Central Bank of Nigeria (CBN), the naira weakened from ₦1,536.82 per dollar on March 28 to ₦1,567.02 per dollar by April 4, marking a decline of ₦30 within the week.
A notable drop occurred on Thursday, April 3, when the naira fell by ₦21.28 in a single day, from ₦1,531.25 to ₦1,552.53 per dollar. This represents the steepest daily depreciation since March 22, 2025. The parallel market mirrored this trend, with the naira declining from ₦1,550 to ₦1,560 per dollar over the same period.
The depreciation aligns with the Trump administration’s announcement of a 10% baseline tariff on imports, which has had ripple effects on global economies, including Nigeria’s. Economic experts warn that these tariffs could impact U.S.-Nigeria trade relations, valued at approximately $10 billion. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns that the tariffs might signal the end of the African Growth and Opportunity Act (AGOA), potentially affecting the naira’s exchange rate.
Despite the CBN reporting Nigeria’s Net Foreign Exchange Reserves at $23.11 billion—the highest in over three years—the naira’s depreciation underscores the currency’s vulnerability to global economic policies and highlights the need for robust economic strategies to mitigate external shocks.
For further insights into the impact of U.S. tariffs on Nigeria’s economy, you can watch the following video: