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CBN Attributes FX Market Shifts to New U.S. Import Tariffs

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…Pumps $197.71M into Arrest Market Volatility


ABUJA

On Saturday, the Central Bank of Nigeria (CBN) connected the notable changes in the foreign exchange market from April 3 to 4, 2025, with wider global economic trends. These include the U.S. administration’s introduction of fresh import duties, leading to widespread modifications throughout international markets.

In a statement signed by Omolara Omotunde Duke, who serves as the Director of the Financial Markets Department at the Central Bank, it was noted that various events had led to changes across international financial markets. However, the bank stated that they supplied $197.71 million to authorized dealers on April 4th with the aim of maintaining market liquidity and stability.

These modifications are connected to larger worldwide economic movements, such as the U.S. government’s declaration of fresh import duties that have prompted revisions throughout international marketplaces.

Oil prices have dropped more than 12%, now around $65.50 per barrel, affecting nations such as Nigeria that export crude.

In reply, the Central Bank of Nigeria supplied $197.71 million to Authorized Dealers on April 4th to maintain market liquidity and stability.

The official exchange rate declined to N1,600 per $1, indicating heightened market instability.

“The CBN continues to remain dedicated to sustaining a stable and effective foreign exchange market, keeping a close watch on both international and local circumstances,” states the declaration in part.

Provided by Syndigate Media Inc. (
Syndigate.info
).

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