…Supports Authorized Dealers With $197.71Mn On Friday
The Central Bank of Nigeria (CBN) has linked the recent trends in the Foreign Exchange (FX) markets to 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.
The apex bank’s Director, Financial Markets Development, Dr. Omolara Duke, in a statement on Sunday explained that the recent movements in the local foreign exchange market between April 3 and 4, 2025, reflected broader global macroeconomic shifts currently affecting several emerging market and developing economies.
According to her, 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.
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The Director disclosed that 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 in line with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
The banker assured that the CBN would continue 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.
She reminded 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.
