The Central Bank of Nigeria (CBN) has stepped in to stabilise the foreign exchange market following recent global economic disruptions that triggered volatility in several emerging markets, including Nigeria.
In an official update, the apex bank noted significant movements in the FX market between April 3 and 4, 2025, largely attributed to the United States’ announcement of new import tariffs targeting multiple economies. The development has spurred a wave of adjustments across global markets.
The situation has been further compounded by a steep decline in crude oil prices—Nigeria’s key export—which dropped over 12 per cent to approximately $65.50 per barrel, posing new challenges for the country’s foreign earnings.
In response, the CBN provided $197.71 million in foreign exchange to Authorized Dealers on April 4, 2025, as part of efforts to maintain liquidity and ensure the orderly functioning of the market.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” said Dr. Omolara Omotunde Duke, Director of the Financial Markets Department.
The Bank reiterated its commitment to monitoring both global and domestic market conditions while expressing confidence in the resilience of Nigeria’s FX framework, which it says is designed to adapt to shifting economic fundamentals.
It also reminded all Authorized Dealers to strictly observe the Nigeria FX Market Code and maintain high ethical standards in their transactions with clients and market counterparties.
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