Naira Gains Against Dollar for First Time Since Trump Tariff

The naira recorded a slight gain against the dollar in the foreign exchange market, offering a brief relief after days of losses triggered by the tariff announcement from United States President Donald Trump’s administration.

According to data from the Central Bank of Nigeria (CBN), the naira appreciated marginally to N1,611.55 per dollar on Tuesday, compared to N1,612.23 traded on Monday.

This reflects a daily gain of 0.68 naira after the currency had lost N45.21 on Monday.

In the parallel market, the naira remained stable, trading at N1,575 per dollar on Tuesday — the same rate as the previous day.

Since Trump’s tariff announcement on April 2, 2025, global financial markets have been under pressure, with major stock indices in the US, Asia, and Europe recording fresh losses on Monday.

In a bid to support the local currency, Nigeria’s central bank intervened by selling $197 million to official foreign exchange dealers last Friday to help defend the naira against further depreciation.