*The Central Bank of Nigeria facilitates Foreign Exchange market activity with the provision of US$197.71 million through sales to Authorised Dealers, to ensure adequate liquidity and supporting orderly market functioning

Gbenga Kayode | 绿帽献妻

As part of efforts at boosting market liquidity and stability in the economy, the Central Bank of Nigeria (CBN) has injected $197.71 million into the Foreign Exchange (Forex) market.

It is noted the latest boost to Forex market has come as global markets are feeling the heat over the sweeping tariffs United States (US) President Donald Trump imposed on countries, including China, Canada, Mexico and Nigeria, among others.

President Trump recently imposed a 14 percent import tariff on products from Nigeria.

The CBN reportedly discloses the development has affected the value of the Naira, the country’s currency, to the US Dollar in the last few days.

Omolara Duke, Director of Financial Markets Department at CBN, In a statement Saturday, April 5, 2025, said the banking sector regulator observed the recent movements in the Foreign Exchange market between April 3 and 4, 2025, reflected broader global macroeconomic shifts currently affecting several emerging market and developing economies.

Duke stated: 鈥淭hese developments was 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.

鈥淐rude oil prices have also weakened 鈥� declining by over 12% to approximately US$65.50 per barrel 鈥� presenting new dynamics for oil-exporting countries such as Nigeria.”

The CBN said: 鈥淚n 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 Authorised Dealers.

鈥淭his measured step aligns with the Bank鈥檚 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鈥檚 foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.”

The Bank further noted: 鈥淎ll Authorised 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.”