The Naira recorded its sharpest appreciation against the U.S. dollar so far this week on Thursday, following a temporary pause in tariff increases announced by U.S. President Donald Trump.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to ₦1,605 per dollar at the official window, up from ₦1,629.93 traded the previous day. This represents a ₦24.93 day-on-day gain the currency’s highest single-day recovery in recent times.
This marks the second time the naira has appreciated against the dollar this week, breaking a trend of consistent declines driven by global uncertainty following Trump’s April 2 tariff declaration targeting multiple countries.
The former U.S. president had announced sweeping reciprocal tariffs, causing market jitters and putting downward pressure on emerging market currencies, including the naira. However, in a policy reversal on Wednesday, Trump announced a 90-day suspension of the tariff hike except in China’s case offering brief relief to global markets.
The naira’s performance was also reflected in the parallel market. In Wuse Zone 4, Abuja a key black market hub several Bureau De Change operators confirmed that the naira remained stable at ₦1,620 per dollar, maintaining the same rate as the previous day.
The local currency has faced a turbulent few weeks, fluctuating in response to global economic developments and domestic market forces. Analysts say Thursday’s appreciation could signal temporary relief, but warned that sustained gains would depend on broader macroeconomic stability and consistent foreign inflow.
