The Central Bank of Nigeria (CBN) has injected $197.71 million to boost market liquidity and stability in the foreign exchange market.
The intervention comes as global markets reel in shock with the tariffs imposed by the United States President Donald Trump.
Trump recently imposed a 14% import tariff on products from Nigeria, a development which the CBN said, has affected the value of the naira to the dollar in the last few days.
In a statement on Saturday, Omolara Duke, CBN’s Director of the Financial Markets Department, stated that the bank has observed recent shifts in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic changes currently affecting several emerging markets and developing economies.
Duke explained: “These developments stem from the U.S. government’s recent announcement of new import tariffs on goods from several economies, triggering a period of adjustment across global markets.
She noted that crude oil prices have also weakened – declining by over 12% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.
Furthermore, she said: “In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorized Dealers”, she said.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market. The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.
“All Authorized Dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties.”