In a remarkable turn for Nigeria’s currency, the naira experienced its sharpest appreciation yet against the U.S. dollar at the official foreign exchange window, marking a significant financial milestone.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira surged to ₦1,605 per dollar on Friday, a notable improvement from the previous day’s rate of ₦1,629.93. This amounts to a ₦24.93 gain within just 24 hours — the biggest single-day jump for the naira in 2025 so far.
This upward movement is the second instance of appreciation for the naira this week, suggesting a potential shift in market momentum.
💱 Black Market Remains Steady
Despite the gains recorded at the official market, the parallel market showed no significant change. Reports from Bureau De Change (BDC) operators in Wuse Zone 4, Abuja, indicate that the naira held firm at ₦1,620/$1, the same rate it traded at a day earlier.
🌍 Global Influences: Trump’s Tariff Freeze Sparks Reaction
The naira’s rally comes on the heels of a major global economic announcement. On April 2, 2025, former U.S. President Donald Trump announced sweeping tariff hikes, which initially triggered volatility in emerging markets — including Nigeria.
However, on Wednesday, Trump reversed course, introducing a 90-day pause on reciprocal tariffs, affecting all nations except China. This easing of trade tension appears to have calmed global currency markets, creating favorable conditions for the naira's recovery.
📊 What This Means for the Nigerian Economy
The naira’s appreciation is a positive indicator for Nigeria’s economy, reflecting improved investor confidence and easing pressure on import costs. If the trend continues, it could offer relief to businesses and consumers grappling with inflation and foreign exchange volatility.
Stay tuned for further updates on currency trends, economic reforms, and global trade impacts that could shape Nigeria’s financial landscape.
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