The naira weakened against the US dollar across both the official and parallel foreign exchange markets on Wednesday, following US President Donald Trump’s announcement of a 90-day suspension of global tariffs — with the exception of China.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,628.93 per dollar at the official market on Wednesday, just a day after it had recorded a marginal gain of 60 kobo. This represented a depreciation of N17.38 from Tuesday’s rate of N1,611.55 per dollar.
Similarly, in the parallel market, the naira dropped to N1,620 per dollar on Wednesday, down from N1,575 traded the previous day.
A Bureau de Change operator based in Wuse Zone, Abuja, confirmed the rate movement, stating that the naira slid in response to heightened demand. He explained that they bought the dollar at N1,610 and sold it for N1,620 on Wednesday, attributing the drop to increased customer demand.
This latest development came despite the Central Bank of Nigeria’s announcement on the same day that the country recorded a balance of payments surplus of $6.83 billion, alongside a notable rise in diaspora remittances, which reached $20.93 billion in 2024.
Trump had announced on Wednesday that the US would pause trade tariffs for countries around the world, excluding China, a decision that sent ripples across global financial markets.
