In a bid to navigate the turbulence and uncertainty in the global economy created by United States’ President, Donald Trump’s new tariffs on countries, President Bola Ahmed Tinubu’s Economic Management Team (EMT) yesterday disclosed plan to appraise the various scenarios in the ongoing trade war and advise the federal government on the way forward.
The EMT may advise the federal government to consider adjusting the 2025 budget.
The Minister of Finance and Coordinating Minister, Wale Edun, disclosed this in Abuja, while reacting to the global trade war, adding that the federal government would appraise the various scenarios and options and advise the government accordingly.
This was as the naira in line with global trend since the announcement of additional tariffs by Trump, depreciated further yesterday, closing at N1,629 per dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM), a 1.81 per cent decline compared to N1,600/$1 on Friday, despite sustained interventions by the Central Bank of Nigeria (CBN).
On the parallel forex market segment, the naira also weakened to N1,565/$1, down from N1,550/$1.
