The Central Bank of Nigeria (CBN) has injected $197.71 million to boost market liquidity and stability in the foreign exchange market.
The increase comes as global markets react to the shock of tariffs imposed by U.S. President Donald Trump.
Recently, the U.S. president introduced a 14% import tariff on products from Nigeria, which has impacted the naira’s value against the dollar in recent days, according to the Central Bank of Nigeria (CBN).
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 also pointed out that crude oil prices have declined by over 12%, dropping to around US$65.50 per barrel, which presents new challenges for oil-exporting countries like Nigeria.
“As part of its commitment to maintaining adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, by providing US$197.71 million through sales to Authorized Dealers.”
The statement continued, “This measured action aligns with the Bank’s broader goal of promoting a stable, transparent, and efficient foreign exchange market. The CBN is closely monitoring both global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange system, which is designed to adapt effectively to changing economic factors.”
Duke also reminded all Authorized Dealers to strictly follow the guidelines outlined in the Nigeria FX Market Code and uphold the highest standards in their dealings with clients and market counterparts.
