The Nigerian naira saw its highest appreciation against the dollar in recent weeks on Thursday, following a key announcement by U.S. President Donald Trump. According to data from the Nigerian Exchange Market (NFEM), the naira strengthened to N1,605 per dollar at the official market, up from N1,629.93 on Wednesday — a gain of N24.93 within a 24-hour period.
This marked the second time this week the naira has gained value, and its most significant daily appreciation thus far. The market reacted positively after Trump’s announcement of a 90-day pause on tariff increases, excluding China. This announcement appears to have mitigated the downward pressure the naira had faced in recent days, which was largely due to the global economic impact of Trump’s previous tariff moves.
In the parallel market, the naira held steady at N1,620 per dollar, according to Bureau De Change operators in Wuse Zone 4, showing no significant change from the previous day.
Despite the challenges posed by Trump’s tariff policies earlier this month, this recent turn in events has offered some respite for the naira, highlighting the sensitive link between global trade policies and Nigeria’s foreign exchange market.
