The naira on Thursday fell sharply against the dollar in the official foreign exchange (FX), a day after Donald Trump, President of the United States of America, increased the global trade tariff by 10 percent.
After trading on Thursday, the naira lost N20.75 or 1.3 percent of its value as the dollar was quoted at N1,552.53 compared to N1,531.25 quoted on Wednesday at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
The naira also depreciated against the dollar, losing N5 to close at N1,560 as against N1,555 closed on Wednesday.