The Naira recorded its biggest surge against the U.S. dollar this week on Thursday, following a temporary halt in tariff hikes announced by U.S. President Donald Trump.
According to figures from the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to ₦1,605 per dollar at the official window, up from ₦1,629.93 the previous day. This ₦24.93 increase marks the currency’s most significant single-day gain in recent memory.
It’s the second time this week the naira has strengthened against the dollar, breaking a trend of persistent losses fueled by global uncertainty after Trump’s April 2 tariff announcement targeting several nations.
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The former U.S. president had unveiled broad reciprocal tariffs that rattled markets and weakened emerging market currencies, including the naira. However, in a policy shift on Wednesday, Trump announced a 90-day suspension of the tariff increases—except for China—offering a brief respite to global markets.
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The naira’s recovery also extended to the parallel market. In Wuse Zone 4, Abuja—a major black market hub—Bureau De Change operators reported that the naira held steady at ₦1,620 per dollar, unchanged from the day before.
The local currency has experienced a volatile few weeks, swinging in response to global economic shifts and local market dynamics. Analysts noted that while Thursday’s rally provides short-term relief, sustained appreciation will depend on improved macroeconomic fundamentals and consistent foreign capital inflows.
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