CBN Injects $197.71m into FX Market Amid Global Turbulence
…assures Nigerians of stability despite oil price slump, U.S. tariffs
By Nasir Dambatta
In a swift response to recent global market shocks, the Central Bank of Nigeria (CBN) on Friday, April 4, 2025, injected $197.71 million into the foreign exchange market to stabilize liquidity and sustain orderly market operations.
The intervention followed significant volatility in emerging and developing economies, sparked by the United States’ announcement of new import tariffs on multiple economies. The ripple effect, coupled with a steep 12% drop in crude oil prices to $65.50 per barrel, has posed fresh challenges to oil-dependent nations like Nigeria.
In a statement issued by Dr. Omolara Omotunde Duke, Director of the Financial Markets Department, the apex bank noted that the FX market movement between April 3 and 4 reflected broader global macroeconomic disruptions. However, it reassured Nigerians that the country’s foreign exchange framework remains resilient and responsive to evolving conditions.
“The CBN remains committed to ensuring adequate liquidity and supporting orderly market functioning,” the statement read. “Our action aligns with the Bank’s objective of fostering a stable, transparent, and efficient foreign exchange market.”
The Bank further emphasized that it is actively monitoring both domestic and international developments and will continue to take strategic steps to cushion Nigeria’s economy against external shocks.
All Authorized Dealers were also reminded to strictly observe the Nigeria FX Market Code and uphold the highest standards in client and market dealings.
The CBN’s latest move is widely viewed as a confidence-boosting measure aimed at reassuring investors and stakeholders of Nigeria’s economic stability amid shifting global tides.
