By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange market to shore up liquidity and ensure market stability, following recent global economic disruptions.
The intervention, announced on Saturday by the Director of Financial Markets Department, Omolara Duke, comes amid rising concerns over new U.S. tariffs on Nigerian goods and falling global oil prices.
“The recent announcement of a 14% import tariff by the United States on Nigerian products has triggered volatility in the foreign exchange market,” Duke stated. “Additionally, crude oil prices have dropped by over 12% to around $65.50 per barrel, presenting further challenges for oil-exporting economies like Nigeria.”
Duke emphasized that the CBN’s intervention on Friday, April 4, 2025, aligns with its mandate to maintain a transparent and efficient foreign exchange system.
“All Authorized Dealers are reminded to strictly adhere to the Nigeria FX Market Code and maintain the highest standards in their market dealings,” she added.
The apex bank reiterated its confidence in Nigeria’s FX framework and said it will continue to monitor both domestic and global economic trends to respond appropriately.
