The Nigerian naira recorded its highest depreciation against the dollar this week at the official foreign exchange market amid United States of America President, Donald Trump’s tariff announcement.
The naira suffered its steepest single-day decline since March 22, plummeting to N1,552.53/1 at the official market on Thursday− a N21.28 drop from Wednesday′s N1,531.25 rate.
The parallel market mirrored the slide,weakening to N1,560/1. The depreciation followed President Trump’s controversial tariff announcement, which experts warn could jeopardize Nigeria’s $10 billion trade with the US.
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