The sudden decline of the naira to about N1,600 to the greenback has been attributed to broader world macroeconomic shifts at the moment affecting a number of rising markets.
An announcement signed by the Director, Monetary Markets Division of the Central Financial institution of Nigeria (CBN), Dr Omolara Omotunde Duke, famous the current motion within the overseas trade market.
“The CBN has famous current actions within the overseas trade market between April 3 and 4, 2025, reflecting broader world macroeconomic shifts at the moment affecting a number of Rising Market and Growing Economies,” the assertion learn partly.
The CBN stated the current developments have been a results 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.
It additional defined that the pronouncement has affected the financial mainstay of the Nigerian financial system as crude oil costs have declined by over 12 per cent.The decline to about $65.50 per barrel, the apex financial institution stated, presents a brand new dynamic for oil-exporting nations comparable to Nigeria.
To stabilise the naira and in step with its dedication to making sure enough liquidity and supporting orderly market functioning, the CBN stated it facilitated market exercise final Friday, April 4, 2025, with the availability of $197.71 million by means of gross sales to Approved Sellers.It added: “This measured step aligns with the Financial institution’s broader goal of fostering a steady, clear, and environment friendly overseas trade market.”
The apex financial institution disclosed that it’ll proceed to observe world and home market situations and stays assured within the resilience of Nigeria’s overseas trade framework, which is designed to regulate appropriately to evolving fundamentals.
It reminded all licensed sellers to stick strictly to the rules outlined within the Nigeria FX Market Code and to uphold the very best requirements of their dealings with purchasers and market counterparties.
