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CBN Boosts FX Market With $197.71m Amid Trump Tariffs

Ojimaojo Abubakar by Ojimaojo Abubakar
April 6, 2025
in News, Politics
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CBN records high remittance inflows at $553m for July

CBN records high remittance inflows at $553m for July

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The Central Bank of Nigeria (CBN) has injected $197.71 million to boost market liquidity and stability in the foreign exchange market.

The boost comes as global markets reel in shock with the tariffs imposed by United States President Donald Trump.

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The American president recently imposed a 14% import tariff on products from Nigeria. The development has affected the value of the naira to the dollar in the last few days, the CBN said.

In a statement on Saturday, CBN’s Director of Financial Markets Department, Omolara Duke, said the apex bank has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging market and developing economies.

Duke said, “These 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.

“Crude oil prices have also weakened – declining by over 12% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.

“In 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 Authorized Dealers.”

“This measured step aligns with the Bank’s 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’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.

ALSO READ:  TUC rejects proposed 65% hike in electricity tariff

“All Authorized 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,” the official added.

Tags: CBN
Ojimaojo Abubakar

Ojimaojo Abubakar

Abubakar Ojimaojo is a graduate of Mass Communication, political and football analyst currently work at elanzanews.ng as Editor. He pride himself as skilled wordsmith with a passion for delving into contemporary political issues on both national and international scale.

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