Market News
Naira falls sharply after Trump’s trade tariff - BUSINESSDAY
After trading on Thursday, the naira lost N20.75 or 1.3 percent of its value as the dollar was quoted at N1,552.53 compared to N1,531.25 quoted on Wednesday at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
The naira also depreciated against the dollar, losing N5 to close at N1,560 as against N1,555 closed on Wednesday.
Nigeria’s gross external reserves declined by 0.3 percent to $38.17 billion as of April 2, 2025, from $38.30 billion recorded on March 28, 2025, data from the CBN indicated.
Oil fell after US President Donald Trump rolled out stiff tariffs on major trading partners, including China and the European Union, that spared energy but ratcheted up a trade war that threatens global demand, Bloomberg reports.
Brent crude declined as much as 3.2 percent to $72.52 a barrel, tracking a slump in wider markets. West Texas Intermediate was below $70. The latest salvo of levies represents Trump’s biggest assault yet on a global economic system he has long bemoaned as unfair, and comes after earlier rounds of tariffs against countries including Canada, Mexico and China.
