The naira has experienced its highest appreciation against the US dollar in recent times, following a pause in tariff increases by United States President Donald Trump.
On Thursday, data from the Nigerian Foreign Exchange Market (NFEM) revealed that the naira strengthened to N1,605 per dollar, up from the N1,629.93 rate recorded on Wednesday. This represents a gain of N24.93 for the naira in a single day.
Noted as the second instance of naira appreciation this week, this significant improvement is the highest seen so far. The news follows a turbulent period in which the naira had experienced notable depreciation due to external economic factors, especially the announcement of tariff hikes by President Trump on April 2, 2025. The global implications of the tariff increase had previously led to more challenges for the Nigerian currency.
In the unofficial market, the exchange rate remained stable. Bureau de Change operators in Wuse Zone 4, a key area in Nigeria’s capital, confirmed that the naira continued to trade at N1,620 per dollar on Thursday, the same as the previous day.
