The Central Bank of Nigeria (CBN) has injected a total of $197.71 million into the foreign exchange market through sales to authorised dealers. This was disclosed by the Director of the Financial Markets Department at the apex bank, Dr. Omolara Duke, in a statement issued on Saturday in Abuja.
Dr. Duke emphasized that this intervention is consistent with the CBN’s sustained efforts to ensure sufficient liquidity and maintain orderly market operations. She explained that the move underscores the central bank’s broader mission of promoting a stable, transparent, and efficient foreign exchange ecosystem.
She noted that the decision to intervene was largely influenced by recent fluctuations observed in the FX market, driven by new U.S. tariff measures and a sharp decline in global crude oil prices.
“The CBN has noted recent volatility in the foreign exchange market between April 3 and April 4,” she stated.
“These fluctuations are indicative of wider global macroeconomic changes that are currently affecting several emerging markets and developing economies.
“These developments are a result of the U.S. government’s recent announcement of new import tariffs on products from various economies, which has triggered a period of adjustment across international markets,” Dr. Duke explained.
She further highlighted that crude oil prices have plummeted by over 12 per cent, now trading at approximately $65.50 per barrel. This decline, she added, presents new fiscal challenges for oil-dependent nations like Nigeria.
Dr. Duke assured that the CBN would continue to closely monitor both global and domestic financial market trends. She reaffirmed confidence in Nigeria’s foreign exchange framework, which she said is built to adapt in response to shifting economic fundamentals.
“All authorised dealers are hereby reminded to adhere strictly to the provisions of the Nigerian FX Market Code and maintain the highest ethical standards in their engagements with clients and market participants,” she concluded.
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