The Nigerian naira has experienced its most significant appreciation against the U.S. dollar since the announcement of a 90-day pause on global tariffs by U.S. President Donald Trump.
On April 10, 2025, the official exchange rate improved to N1,605 per dollar, up from N1,629.93 the previous day, marking a gain of N24.93. This uptick follows a period of volatility in the currency markets due to global trade uncertainties.
Despite this positive movement, the naira remains under pressure. The Central Bank of Nigeria (CBN) has intervened by selling nearly $200 million to support the currency amid concerns over the impact of U.S. tariffs on Nigeria’s economy, particularly given the nation’s reliance on oil exports.
In the parallel market, the naira has stabilized at around N1,620 per dollar, consistent with previous rates. However, the outlook remains uncertain, with experts monitoring the effects of global trade policies and oil price fluctuations on Nigeria’s foreign exchange markets.
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