The Nigerian naira recorded its steepest depreciation against the US dollar on Thursday, falling to ₦1,552.53/$1 at the official market — a drop of ₦21.28 from ₦1,531.25 on Wednesday.

This marks the sharpest single-day loss since March 22, when the currency fell by ₦18.96.

At the parallel market, the naira also weakened, dropping from ₦1,555 to ₦1,560/$1.

The depreciation follows U.S. President Donald Trump’s new tariff measures, which have rattled global markets and sparked concerns over Nigeria’s $10 billion trade ties with the U.S.

Despite the slide, the Central Bank of Nigeria reported a Net Foreign Exchange Reserve of $23.11 billion — the highest in over three years.

Economic analysts, including Dr. Muda Yusuf of the CPPE, warned the tariffs could impact Nigeria’s economy and undermine the naira, especially with the end of the African Growth and Opportunity Act (AGOA).

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