Amid the new import tariffs announced by the United States government, the Central Bank of Nigeria (CBN) has bolstered the foreign exchange market with US$197.71 million through sales to Authorized Dealers.
This was contained in a statement signed on Saturday by the Director, Financial Markets Department of the CBN, Dr. Omolara Omotunde Duke.
The apex bank explained that the step aligns with it’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
CBN, in the statement, noted the recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.
It said these developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
It 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.
The statement 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.
“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,” CBN said.
It therefore, urged all Authorized Dealers 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.
