The naira depreciated against the dollar at both official and parallel foreign exchange markets on Wednesday after the United States of America president, Donald Trump’s announcement of a 90-day pause on global tariffs except for China.
The Central Bank of Nigeria’s exchange data showed that the naira dropped to N 1628.93 per dollar on Wednesday, barely 24 hours after having a 0.60 kobo appreciation.
This means that the naira weakened by N17.38 on a day-to-day basis compared to the N1,611.55 exchange on Tuesday.
Similarly, the naira slumped to N1620 per dollar on Wednesday at the black market from N1,575 traded the previous day.
A Bureau de Change operator in Wuse Zone confirmed that it dropped to N1620 per dollar upon increased demand on Wednesday.
“We bought at around N1610 per dollar and sold at N1620 per dollar on Wednesday due to a rise in demand,” he told Media Talk Africa.
The development comes despite CBN on Wednesday announcing that the country recorded a balance of payments surplus of $6.83 billion and a surge in diaspora remittances to $20.93 billion in 2024.
Recall that on Wednesday, Trump announced a pause on trade tariffs for other countries except China.
