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- The US dollar has crashed to its lowest successful 3 years against large planetary currencies, caused by Trump’s tariffs
- Experts person said that the dollar took a large deed aft Trump attacked Jerome Powell, the Federal Reserve Chairman
- However, the Nigerian currency, the naira, stayed beardown against the euro contempt the euro’s summation against the dollar
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The US dollar fell connected Monday, April 21, 2025, to its lowest since March 2022 arsenic capitalist assurance successful the US system crashed.
Reports accidental the dollar declined owed to President Donald Trump’s attacks connected Federal Reserve Chairman Jerome Powell.
Source: Getty Images
The dollar vs different currencies
Compared to different currencies, the dollar deed its lowest, trading astatine 97.923 connected Monday, April 21, 2025.
It besides crashed to a 10-year debased against the Swiss franc, portion the euro roseate supra $1.15, its highest since 2021.
The British lb sterling appreciated to its highest since September 2024 astatine $1.34 against the dollar, portion the Australian dollar roseate to a four-month precocious of $0.6430.
Reuters reports that the New Zealand dollar moved up, trading astatine $0.6000 for the archetypal clip successful implicit 5 months.
According to reports, Trump's societal media attacks connected Powell perchance threatened the Federal Reserve’s autonomy.
The US President had called Powell a large loser connected societal media and asked that helium little involvement rates immediately.
Experts accidental that Trump’s tariffs and uncertainty implicit commercialized policies shocked planetary markets and darkened the outlook for the US, weakening the dollar arsenic investors propulsion funds retired of US assets.
The naira gains successful the authoritative market
Meanwhile, the Nigerian currency, the naira, recorded a mixed show successful the FX marketplace past week.
While the naira appreciated somewhat against the dollar successful the authoritative market, closing astatine N1.599.94 per dollar connected Thursday, up from N1.603.78, it depreciated importantly successful the parallel market.
The naira steadies against the euro
The naira besides steadied against the euro, defying the European currency’s beardown advance.
The naira showed resilience against the euro contempt its 1 per cent summation against the dollar.
The improvement came aft the euro/naira FX complaint roseate to N1,845 connected Monday, April 21, 2025, climbing supra the N1,800 ceiling.
Analysts attributed the question to accrued request for euros amid planetary shocks caused by superior inflows and anxieties implicit Nigeria’s commercialized balance.
Naira: CBN intervenes to stabilise
Reports accidental investors flocked to the euro arsenic a safer plus amid rising geopolitical hostility betwixt the US and China, marking a reversal of the dollar’s three-year dominance.
Experts person said the naira’s summation was owed to robust FX interventions by the Central Bank of Nigeria (CBN).
Source: Getty Images
CBN reportedly sold astir $280 cardinal to authorised dealers to stabilise the naira.
However, Nigeria’s outer reserves person depreciated by $111.21 cardinal to $37.89 cardinal arsenic of April 16, 2025, the 5th consecutive play decline.
Nigeria, China motion woody to trim dollar dependence
Legit.ng earlier reported that the Nigeria-China Strategic Partnership has disclosed that Nigeria would soon ink a deal connected Digital RMB with China to let a nonstop conversion of naira to Chinese Yuan.
The integer renminbi (RMB) is simply a cardinal slope integer currency issued by the Chinese apex bank, the People’s Bank of China.
The Director-General of the NCSP, Joseph Tegbe, disclosed that the woody was expected to trim Nigeria’s dependence connected the US dollar.
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Source: Legit.ng
