Central Bank of Nigeria has sold $197.71 million to authorised dealers to boost liquidity in the foreign exchange (FX) market.
Gatekeepers News reports that CBN noted that the sale was made to ensure a stable and efficient FX market.
The apex bank announced this in a statement on Saturday by Omolara Duke, its director of financial markets.
Recall that on April 2, President Donald Trump announced sweeping global tariffs on all imports into the country, including a slamming 14 per cent levy on Nigeria.
CBN noted that the dollar sale was needed because the tariff increase has triggered a period of adjustment across global markets
The statement reads, “The Central Bank of Nigeria (CBN) has noted 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.”
“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.”
“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.”
“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 urged all authorised dealers to strictly adhere to the principles outlined in Nigeria FX market code and uphold highest standards in their dealings with clients and market counterparties.
