The Central Financial institution of Nigeria (CBN) has injected $197.71 million to spice up market liquidity and stability within the overseas alternate market.
The enhance comes as world markets reel in shock with the tariffs imposed by United States President Donald Trump.
The American president just lately imposed a 14% import tariff on merchandise from Nigeria. The event has affected the worth of the naira to the greenback in the previous couple of days, the CBN stated.
In an announcement on Saturday, CBN’s Director of Monetary Markets Division, Omolara Duke, stated the apex financial institution has famous current actions within the overseas alternate market between April 3 and 4, 2025, reflecting broader world macroeconomic shifts presently affecting a number of rising market and growing economies.
Duke stated, “These developments was because of the current announcement of latest import tariffs by america authorities on imports from a number of economies, which has triggered a interval of adjustment throughout world markets.
“Crude oil costs have additionally weakened – declining by over 12% to roughly US$65.50 per barrel – presenting new dynamics for oil-exporting international locations equivalent to Nigeria.
“According to its dedication to making sure ample liquidity and supporting orderly market functioning, the CBN facilitated market exercise on Friday, April 4, 2025, with the availability of US$197.71 million by way of gross sales to Licensed Sellers.”
READ ALSO: US Tariffs May Shrink World Merchandise Commerce Volumes 1% In 2025 – WTO
“This measured step aligns with the Financial institution’s broader goal of fostering a secure, clear, and environment friendly overseas alternate market. The CBN continues to watch world and home market situations and stays assured within the resilience of Nigeria’s overseas alternate framework, which is designed to regulate appropriately to evolving fundamentals.
“All Licensed Sellers are reminded to stick strictly to the ideas outlined within the Nigeria FX Market Code and to uphold the very best requirements of their dealings with purchasers and market counterparties,” the official added.
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