The Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange market to enhance liquidity and stabilize the naira, following new U.S. import tariffs that have disrupted global markets.
This intervention comes in the wake of a 14% tariff imposed by U.S. President Donald Trump on Nigerian imports, which has contributed to a recent decline in the value of the naira. The CBN disclosed that the move is part of its ongoing effort to manage volatility and maintain orderly market conditions.
In a statement released on Saturday, the CBN’s Director of Financial Markets Department, Omolara Duke, said the foreign exchange injection was made on April 4, 2025, in response to macroeconomic shifts affecting emerging and developing economies.
“These developments are a result of the recent announcement of new import tariffs by the United States on several economies, triggering a period of adjustment across global markets,” Duke stated.
She noted that crude oil prices Nigeria’s major export have also declined by over 12%, currently trading at approximately $65.50 per barrel, further impacting the country’s forex earnings.
“The CBN facilitated market activity with the provision of $197.71 million through sales to Authorized Dealers,” she said, emphasizing the bank’s commitment to a stable, transparent, and efficient FX market.
The apex bank assured that it is closely monitoring both global and domestic developments and remains confident in Nigeria’s foreign exchange framework.
Authorized dealers were also reminded to strictly follow the Nigeria FX Market Code and maintain high ethical standards in their dealings.
