By Chris Agabi
The Central Bank of Nigeria (CBN) has injected $197.71 million into.yhe Nigeria Forex Market to help stabilise volatility.
A statement signed by Dr. Omolara Omotunde Duke, the Director, Financial Markets Department, indicated that the injection became critical due to recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.
It noted that this development was as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
Crude oil prices also weakened – declining by over 12% to approximately $65.50 per barrel-presenting new dynamics for oil-exporting countries such as Nigeria, if indicated.
This, “in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning,the CBN facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorized Dealers” the statement said
According to the CBN, this measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals” the apex bank assured.
All Authorized Dealers were reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties.
