The Central Bank of Nigeria (CBN) has sold $197.71 million to authorized dealers. The intervention is aimed at improving liquidity and addressing recent pressures on the naira.
The sale was announced in a statement signed by Omolara Omotunde Duke, Director of the Financial Markets Department. The CBN noted that the action aligns with its broader goal of promoting a stable, transparent, and efficient FX market.
The naira has seen a sharp depreciation recently, falling by N35.77 against the dollar over three consecutive trading days. The CBN attributes this decline to rising demand in the FX market, which has outpaced supply.
The bank also revealed it has been closely monitoring developments in the FX market, especially between April 3 and 4, 2025. During this period, global economic shifts—including new U.S. import tariffs on goods from several countries—have triggered market adjustments.
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Global Stock Markets Decline Amid Tariff Changes
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Adding to the pressure is a steep drop in global crude oil prices, now at $65.50 per barrel—a decline of over 12%. This poses fresh challenges for Nigeria, which relies heavily on oil exports for revenue.
Despite these setbacks, the CBN remains optimistic about the resilience of Nigeria’s FX system. The bank reaffirmed its commitment to maintaining a flexible system that can adapt to both local and international economic dynamics.
Finally, the CBN reminded all authorized FX dealers to strictly adhere to the Nigerian FX Market Code and uphold high standards in their operations.
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