CBN injects $197.71m into FX market as global shocks hit naira
BY TEMITOPE ADEBAYO
The Central Bank of Nigeria (CBN) has stepped in with a $197.71 million intervention to stabilise the foreign exchange market amid global shocks that have unsettled emerging and developing economies, including Nigeria.
In a statement signed by the Director of Financial Markets Department, Dr Omolara Omotunde Duke, the apex bank disclosed that the move, executed on Friday, April 4, 2025, was aimed at ensuring market liquidity and orderly functioning.
The CBN attributed recent volatility in the FX market, observed between April 3 and 4, to broader global macroeconomic shifts triggered by the United States’ announcement of new import tariffs on multiple economies. The development has prompted widespread adjustments across global markets.
Additionally, crude oil prices have slumped by over 12 per cent to about $65.50 per barrel, posing fresh challenges for oil-dependent economies such as Nigeria.
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Despite the global headwinds, the CBN expressed confidence in the resilience of Nigeria’s foreign exchange framework, noting it is built to adjust to shifting fundamentals. The Bank also reiterated its commitment to maintaining a stable, transparent, and efficient FX market.
The statement urged all authorised dealers to comply strictly with the Nigeria FX Market Code and uphold the highest ethical standards in dealings with clients and market counterparties.
