The Central Bank of Nigeria (CBN) has taken proactive measures to stabilize the foreign exchange market, injecting $197.71 million into the market on Friday, April 4, 2025.

This move according to a statement signed by Dr Omolara Omotunde Duke, Director, Financial Markets Department, aims to ensure adequate liquidity and support orderly market functioning, amidst global macroeconomic shifts and declining crude oil prices.

The recent announcement of new import tariffs by the United States government on imports from several economies has triggered a period of adjustment across global markets.

Crude oil prices have weakened, declining by over 12% to approximately $65.50 per barrel, presenting new dynamics for oil-exporting countries like Nigeria.

In line with its commitment to fostering a stable, transparent, and efficient foreign exchange market, the CBN facilitated market activity through sales to Authorized Dealers.

The bank continues to monitor global and domestic market conditions, expressing confidence in the resilience of Nigeria’s foreign exchange framework.

Authorized Dealers have been reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and uphold the highest standards in their dealings with clients and market counterparties.