Naira falls by 0.93% against the dollar in the official market

Our Reporter

The Naira depreciated on Friday at the official market, trading at N1,567.02 to a dollar.

Data from the Central Bank of Nigeria (CBN) Website showed that the Naira lost N14.49.

This represents a 0.93 per cent loss when compared to N1,552.53 per dollar recorded on Thursday.

The local currency which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain against the Dollar.

However, the local currency slumped by 1.38 per cent on Thursday, April 3 representing a loss of N21.28.

The Naira had enjoyed relative stability against the US Dollar since December 2024, due to CBN’s reforms promoting transparency in the foreign exchange market.

However, the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, had in February warned of consequences of the global trade wars on Nigeria.

Cardoso said that the imposition of increased tariffs by the United States could exacerbate inflationary pressures globally, with potential spillover effects on Nigeria’s economy