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Tariff Shock: Oil Declines, CBN Sells $198 Million To Support Naira

Ojimaojo Abubakar by Ojimaojo Abubakar
April 8, 2025
in National, News
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ABCON commends CBN for sale of interbank FX to eligible BDCs
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Crude oil prices have weakened, declining by over 12% to approximately $65.50 per barrel, following sweeping trade tariffs by President Donald Trump against countries.

Oil trade above $70 per barrel before President Trump slammed the tariffs.

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The price of OPEC basket of twelve crudes stood at $75,35 a barrel on Thursday, compared with $77,44 the previous day, according to OPEC Secretariat calculations.

Nigeria relies on crude oil exports for 90% of its foreign exchange.

In a swift move, the Central Bank of Nigeria (CBN) in a circular on Sunday said it has facilitated market activity on Friday, with the provision of $197.71 million through sales to authorised dealers.

According to the apex bank, the move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, adding that the measured step aligns with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.

It noted that recent movements in the foreign exchange market between April 3 and 4, 2025, “reflected broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”

“These developments were 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,” the statement added.

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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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