In response to recent turbulence in the foreign exchange market, the Central Bank of Nigeria (CBN) injected US$197.71 million on Friday, April 4, 2025, through sales to Authorized Dealers. The move follows heightened global economic uncertainty triggered by the United States’ introduction of new import tariffs affecting several countries.
A statement by Omolara Omotunde Duke, Director of the Financial Markets Department, attributed the market movements between April 3 and 4 to these broader global macroeconomic developments, which are currently impacting many Emerging Market and Developing Economies.
The ripple effects have also reached the commodities market, with crude oil prices dropping more than 12% to around US$65.50 per barrel—an unsettling shift for oil-dependent economies like 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 statement said.
“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.
“All Authorized Dealers are reminded 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.”
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