Abuja, April 5, 2025 – The Central Bank of Nigeria (CBN) injected $197.71 million into the foreign exchange market on Friday to ensure adequate liquidity and stabilize the foreign exchange rate.
The apex bank disclosed this is on Saturday in a statement issued by Dr Omolara Omotunde-Duke, its Director of the Financial Markets Department.
It said the action was also to maintain the market integrity and operational transparency.
“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 $197.71m through sales to authorised dealers,” it said.
The statement said the decision was largely influenced by recent movements in the FX market, driven by the announcement of new U.S. tariffs and declining crude oil prices.
“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.
“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,” the statement said.
It said crude oil prices had dropped by over 12 per cent, falling to approximately $$65.50 per barrel, introducing new challenges for oil-exporting nations like Nigeria.
The statement promised that the apex bank would continue monitoring global and domestic market conditions and expressed confidence in the resilience of Nigeria’s foreign exchange framework to adjust in line with evolving economic fundamentals.
“All authorised 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,” it advised.
