Nigeria: U.S. Tariff Threatens Forex Market As CBN Boosts Liquidity With $197.71 Million

The global trade war is threatening naira stability following the depreciation of the currency at the close of last week.On Friday, the naira depreciated at the official market, trading at N1,567.02 to a dollar; a day after President Donald Trump's sweeping tariff imposition.Apart from the baseline 10% tariff on all U.S. imports, Trump also imposed country-specific reciprocal tariffs with Nigeria's exports to the US to now attract 14 per cent.The new tariffs, which take immediate effect, apply to more than 50 countries. They include major trade partners like China, the European Union, India and Japan, as well as developing economies in Asia, Africa and Latin America.The foreign exchange market responded to the announcement as the naira lost N14.49.This represents a 0.93 per cent gain when compared to N1,552.53 per dollar recorded on Thursday.The local currency, which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain...