The naira depreciated significantly against the dollar at the official foreign exchange market, reaching its lowest point since United States President Donald Trump’s tariff announcement.
The Central Bank of Nigeria’s exchange data showed that the naira fell to N1,612.23 per dollar on Monday, from N1,567.02 traded on Friday last week.
The data revealed that the naira weakened by N45.21 against the dollar on Monday compared to N1,567.02 traded the previous week.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan stated that FX was sold on the black market at N1,575 per dollar on Monday, higher than last Friday’s exchange rate.
The depreciation at the official rate occurred despite the Central Bank’s intervention with $197 million last Friday.
Monday’s naira depreciation surpassed that of April 4, 2025, when Trump announced the tariffs.
Media Talk Africa reports that the Nigerian Exchange Market joined global stocks in a crash, described as ‘Black Monday.’
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