The Nigerian naira has experienced a significant depreciation against the U.S. dollar, coinciding with the recent announcement of new tariffs by U.S. President Donald Trump.
On Thursday, April 3, 2025, the naira fell to ₦1,552.53 per dollar at the official foreign exchange market, down from ₦1,531.25 the previous day, marking a decline of ₦21.28.
This depreciation is the most substantial single-day drop since March 22, 2025, when the naira declined by ₦18.96. In the parallel market, the naira also weakened, trading at ₦1,560 per dollar on Thursday, compared to ₦1,555 on Wednesday.
The currency’s decline follows President Trump’s announcement of a baseline 10% tariff on all U.S. imports, raising concerns about its impact on U.S.-Nigeria trade, valued at approximately $10 billion. Economic analysts suggest these tariffs could affect Nigeria’s export revenues and overall economic stability.
