 has taken steps to defend the naira against the U.S. dollar by selling $197.71 million to authorised foreign exchange dealers in the official FX market.){kind=link}
The Central Bank of Nigeria (CBN) has taken steps to defend the naira against the U.S. dollar by selling $197.71 million to authorised foreign exchange dealers in the official FX market.
The intervention, which took place on Friday, comes amid global economic uncertainty following the U.S. President Donald Trump administration’s sweeping tariff announcement.
On April 2, the Trump administration imposed broad-based tariffs, including a 10% baseline tariff on all imports into the United States.
The announcement has triggered significant trade disruptions, leading to a decline in global stock markets and oil prices.
In Nigeria, the naira weakened by N30 on a week-on-week basis, closing at N1,567.02 per dollar on Friday, April 4, 2025.
In response, the CBN issued a statement signed by Duke Omolara, Director of the Financial Markets Department, confirming the intervention as part of a series of “measured steps” aimed at enhancing market liquidity and ensuring stability in the foreign exchange market.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the statement read.
The CBN acknowledged recent movements in the foreign exchange market between April 3 and 4, 2025, noting that these reflect broader global macroeconomic shifts currently impacting several emerging markets and developing economies.