The Central Bank of Nigeria (CBN) on Friday supplied a total of $197.71 million to the foreign exchange market through sales to authourised dealers.
The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja.
She said the intervention aligned with the CBN’s commitment to the foreign exchange market liquidity.
According to 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 forex market, driven by the announcement of new United States tariffs and declining crude oil prices.
The Director said: “The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.
“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.
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“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.”
Duke revealed that crude oil prices had dropped by over 12 percent to 65.50 dollars per barrel to introduce new challenges for oil-exporting nations like Nigeria.
She said the CBN would continue to monitor both global and domestic market conditions.
Duke expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.
“All authourised 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 stated.
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