In a firm show of its commitment to a resilient and responsive foreign exchange regime, the Central Bank of Nigeria (CBN) facilitated the injection of US$197.71 million into the FX market on Friday, April 4, 2025, a strategic move aimed at stabilizing the naira amidst unfolding global economic shifts.
This action was taken against the backdrop of significant macroeconomic changes, including the recent imposition of new import tariffs by the United States on several Emerging Market and Developing Economies (EMDEs). The ripple effects of these tariffs, combined with a sharp decline in crude oil prices—dropping over 12% to approximately US$65.50 per barrel—have intensified pressure on oil-dependent economies like Nigeria.
Speaking on the development, Dr. Omolara Omotunde Duke, Director of the Financial Markets Department at the CBN, stated that the intervention was in line with the Bank’s commitment to ensuring adequate liquidity and supporting orderly market operations. “We are steadfast in fostering a stable, transparent, and efficient foreign exchange market,” she emphasized.
The CBN noted that Nigeria’s FX framework is inherently designed to adjust dynamically to evolving fundamentals—both domestic and international. As the country navigates a new phase marked by global adjustments and oil price volatility, the Bank’s proactive approach aims to buffer the economy and preserve investor confidence.
All Authorized Dealers were also reminded of their obligation to adhere strictly to the Nigeria FX Market Code, maintaining the highest ethical and professional standards in their engagements with clients and counterparties.
As the global economic landscape continues to evolve, the CBN has reassured the public of its readiness to act decisively, with policies and interventions calibrated to sustain market stability and economic growth.
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