Economic Developments Driving the Naira’s 4.9% Slide in April
Nigeria’s foreign exchange market has seen renewed volatility in April, with the naira depreciating by 4.9% against the U.S. dollar. Below, we explore the central bank’s activities, external pressures, and underlying macroeconomic forces contributing to this movement. Early-April Intervention – Sold nearly \$200 million to stem volatility after U.S. tariff-related shocks. April 22 Intervention –…