The Central Bank of Nigeria (CBN) defended the naira against the dollar by selling $197.71 million to authorised foreign exchange dealers in the country’s official FX market.
The latest intervention by the apex bank took place on
Friday as United States President Donald Trump’s administration’s tariff
announcement continues to impact world economies.
Recall that on April 2, Trump’s administration
announced sweeping tariffs, including 10 percent baseline tariffs on all
imports into the US.
Trump’s tariff announcement has resulted in major trade
disruptions affecting global stocks and oil prices.
The development comes as the Nigerian naira weakened by N30
on a week-on-week basis to close at N1,567.02 per dollar at the close of work
on Friday, April 4, 2025.
To this end, CBN, in a statement signed by its director of
the Financial Markets Department, Duke Omolara, said the bank’s latest
intervention was part of “measured steps” to improve market liquidity and
maintain order in the country’s FX market.
“This measured step aligns with the Bank’s broader objective
of fostering a stable, transparent, and efficient foreign exchange market,” the
statement read.
The CBN said it had “noted recent movements in the foreign
exchange market between April 3 and 4, 2025,” adding these reflected broader
global macroeconomic shifts “currently affecting several emerging markets and
developing economies”.
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