The Nigerian naira suffered its sharpest depreciation against the US dollar this week in the official foreign exchange market, following President Donald Trump’s recent tariff announcement. According to data from the Central Bank of Nigeria, the naira fell to N1,552.53 per dollar on Thursday, down from N1,531.25 on Wednesday — a drop of N21.28 in just one day. This marks the steepest single-day decline since March 22, when the naira depreciated by N18.96. In the parallel (black) market, the naira also lost ground, slipping by N5 to trade at N1,560 per dollar on Thursday, compared to N1,555 the day before. This downward trend comes despite the Central Bank's report that Nigeria's Net Foreign Exchange Reserve reached $23.11 billion at the end of 2024 — the highest in over three years. Analysts link the naira’s slump to Trump's announcement of new tariffs, which triggered global reactions. Economic experts warn that the 10 percent baseline tariff could impact US-Nigeria trade, currently valued at $10 billion.