This was a 0.6 percent increase, or N10, from the N1,660 per dollar seen on Friday in the black market.
In the official foreign exchange market, the naira wrapped up last week at N1,531 per dollar, showing an improvement from the previous week. This marks a 1.1 percent week-on-week appreciation, with the dollar priced at N1,531, which is N17 stronger than last Friday’s N1,548 rate in the Nigerian Foreign Exchange Market, according to the Central Bank of Nigeria.
On Friday, the U.S. dollar took a dip, setting itself up for its largest weekly loss in over a year after President Donald Trump hinted at a softer stance on tariffs with China. This uncertainty around trade policies added to the volatility in the stock markets.
The dollar fell by as much as 0.8 percent against a range of currencies on Friday but managed to limit its losses to a 0.65 percent drop by the end of the day. Even with this slight recovery, the dollar still faced its biggest weekly drop since November 2023, down 1.8 percent since Monday.
In a chat with Fox News, Trump talked about his recent friendly conversation with President Xi Jinping, expressing hope for a trade deal with China.“We have one very big power over China, and that’s tariffs, and they don’t want them. I’d rather not have to use it, but it’s a tremendous power over China,” Trump said.
Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, pointed out how Trump’s administration could impact the naira. He suggested that Trump’s policies might strengthen the dollar, as there are signs of increased U.S. investment and job growth. Yusuf mentioned that this is already visible in the stock market, where investor confidence is rising, which could have a significant effect.
Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), pointed out how Trump's administration might influence the naira. He mentioned that Trump's policies could boost the dollar, especially with hints of more U.S. investments and job growth. Yusuf observed that we've already seen some of this reflected in the stock market, where investor confidence is climbing, which could ultimately affect the strength of the currency.