CBN injects $197.71m to boost FX as Trump trade tariff spreads

CBN injects $197.71m to boost FX as Trump trade tariff spreads

The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers.

The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja.

She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity and supporting orderly market functioning.

According to Ms Duke, the move reflects the CBN’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

She said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.

“The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.

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“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.

“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.

Ms Duke said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.

She said the CBN would continue monitoring global and domestic market conditions.

Ms Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.

“All authorised dealers are reminded to strictly adhere to the principles outlined in the Nigerian FX Market Code and uphold the highest standards in their dealings with clients and market counterparties,” she said.

CBN injects $197.71m to boost FX as Trump trade tariff spreads

(NAN)