Nigeria Alone as Africa Spurns Tariff-Fueled FX Intervention (1)

African nations aren’t rushing to prop up their local currencies and tap their limited foreign-exchange reserves, even as US President Donald Trump’s tariffs upend markets and global trade.

So far, dealers said that only Nigeria, the continent’s most populous nation, has intervened in the foreign currency market to support the naira, selling $657 million in recent weeks. Angola and Mauritius intervened before Trump announced reciprocal tariffs on trading partners on April 2.

The naira has weakened more than 5% against the dollar so far in April, making it the second worst performing currency in the world, according to ...