The Central Bank of Nigeria (CBN) defended the naira against the dollar by selling $197.71 million to authorised foreign exchange dealers in the country’s official FX market.
The latest intervention by the apex bank took place on Friday as United States President Donald Trump's administration's tariff announcement continues to impact world economies.
DAILY POST reports that on April 2, Trump's administration announced sweeping tariffs, including 10 percent baseline tariffs on all imports into the US.
Trump's tariff announcement has resulted in major trade disruptions affecting global stocks and oil prices.
The development comes as the on a week-on-week basis to close at N1,567.02 per dollar at the close of work on Friday, April 4, 2025.
To this end, CBN, in a statement signed by its director of the Financial Markets Department, Duke Omolara, said the bank's latest intervention was part of “measured steps”; to improve market liquidity and maintain order in the country’s FX market.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,”; the statement read.
The CBN said it had “noted recent movements in the foreign exchange market between April 3 and 4, 2025,”; adding these reflected broader global macroeconomic shifts “currently affecting several emerging markets and developing economies”.
