Amid Global Tariffs Tension, CBN Supports FX Market With $197.71m
The Central Bank of Nigeria (CBN) has intervened in the foreign exchange (FX) market with an injection of $197.71m.
This was disclosed in a statement issued on Saturday by the Director of the Financial Markets Department, Dr. Omolara Omotunde Duke, who reaffirmed the bank’s commitment to upholding market integrity and operational transparency.
“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 $197.71m through sales to Authorized Dealers,” the statement read.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
The move demonstrates the CBN’s strategic approach to FX market stabilisation, particularly in view of recent global macroeconomic events that continue to affect Nigeria and other Emerging Market and Developing Economies (EMDEs).
The bank noted that recent policy shifts, such as new import tariffs introduced by the United States on goods from several economies, have led to adjustments across global financial markets.
Furthermore, the price of crude oil, Nigeria’s main export and source of income, has decreased by more than 12 per cent and is currently trading at about $65.50 per barrel.
Nigeria and other oil-dependent countries face difficulties as a result of this sharp fall, which has an immediate effect on market sentiment and exchange rate volatility.
Despite these challenges, the CBN expressed confidence in the resilience of Nigeria’s FX market framework, highlighting its ability to respond effectively to evolving economic fundamentals.
The bank also reiterated its commitment to maintaining sufficient liquidity to support uninterrupted market activity.
Furthermore, the CBN urged all Authorised Dealers to strictly follow the guidelines outlined in the Nigeria FX Market Code, emphasising the importance of transparency and ethical behaviour in all interactions with clients and market counterparties.
Amid Global Tariffs Tension, CBN Supports FX Market With $197.71m is first published on The Whistler Newspaper
