The Nigerian naira has recorded its highest depreciation against dollar this week at both the official and parallel foreign exchange market.
The Central Bank of Nigeria’s exchange data showed that Naira dropped to N1,552.53 per dollar from N1,531.25, which means that it slumped by N21.28 against dollar on Thursday, compared to the N 1,531.25 previous exchange rate.
However this is due to the newly imposed 14 per cent tariff by US President Donald Trump on exports by Nigerian businesses, disrupting key sectors such as oil export and agricultural trade, sparking outrage across the world.
