The naira depreciated considerably towards the greenback on the official international trade market, reaching its lowest level since United States President Donald Trump’s tariff announcement.
The Central Financial institution of Nigeria’s trade information confirmed that the naira fell to N1,612.23 per greenback on Monday, from N1,567.02 traded on Friday final week.
The info revealed that the naira weakened by N45.21 towards the greenback on Monday in comparison with N1,567.02 traded the earlier week.
A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan said that FX was offered on the black market at N1,575 per greenback on Monday, larger than final Friday’s trade charge.
The depreciation on the official charge occurred regardless of the Central Financial institution’s intervention with $197 million final Friday.
Monday’s naira depreciation surpassed that of April 4, 2025, when Trump introduced the tariffs.
DAILY POST studies that the Nigerian Alternate Market joined world shares in a crash, described as ‘Black Monday.’
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