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FX Market Swings Apr. 3-4: New US Import Tariffs Shake Global Markets — Intl. Ed.

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The Central Bank of Nigeria (CBN) has indicated that the fluctuations observed in the foreign exchange market during March 3-4, 2025, mirror larger trends impacting various Emerging Markets and Developing Economies around the world.

The top financial institution cited the depreciation of the Naira at the official exchange rate as a result of the recent trade conflict initiated by U.S. President Donald Trump.

In the market update for FX Movements issued over the weekend covering March 3-4, 2025, Omolara Omotunde Duke, who leads the Financial Markets Division at the CBN, stated, “The observed changes came about due to the US government’s recently announced increase in import duties on goods coming into their country from various regions, leading to an ongoing phase of recalibration throughout international financial markets.”

Due to these developments, consistent with its pledge to maintain sufficient liquidity and facilitate stable market operations, the CBN stated that it provided a total of US$197.71 million to Authorized Dealers on Friday, April 4, 2025.

She noted that the price of crude oil has similarly declined, dropping more than 12 percent to around $65.50 per barrel, which introduces fresh challenges for oil-exporting nations like Nigeria.

In response to Trump’s tariffs, CBN has intervened in the foreign exchange market by providing $197.71 million to sustain stability. The Italian ambassador expressed readiness to enhance Kaduna’s investment initiatives. Additionally, PCNGI and LNG Arete have signed an agreement worth $27.3 million for an LNG facility.

“In keeping with its pledge to maintain sufficient liquidity and facilitate smooth market operations, the CBN supported market activities on April 4, 2025, by providing $197.71 million to Authorized Dealers,” stated Duke.

As she stated, this cautious approach is consistent with the Bank’s overall aim to promote a stable, clear, and efficient foreign exchange market.

She mentioned that the CBN keeps an eye on both global and domestic market conditions and maintains confidence in the robustness of Nigeria’s foreign exchange system. This system is structured to adapt effectively as economic factors change over time.

The Central Bank of Nigeria (CBN) has advised all Authorized Dealers to closely follow the guidelines set out in the Nigeria Foreign Exchange Market Code and maintain the utmost integrity in their transactions with both clients and fellow market participants.

FURTHER READING FROM NIGERIAN TRIBUNE

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