The Central Bank of Nigeria (CBN) has intervened in the foreign exchange (FX) with the sale of $197.71 million to authorised dealers, to enhance liquidity in the market.
The move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning.
This was disclosed in a statement signed by Omolara Omotunde Duke, director, financial markets department.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
The naira depreciated by a total of N35.77 against the dollar over a span of three consecutive trading days at the official foreign exchange (FX) market, driven primarily by heightened demand pressures.
The naira depreciated by a total of N35.77 against the dollar over a span of three consecutive trading days at the official foreign exchange (FX) market, driven primarily by heightened demand pressures.
Read also: CBN mops up N1.7trn in one month to tame FX volatility
According to the statement, CBN has noted 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.
These developments 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 have also weakened – declining by over 12 percent to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.
“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.
All authorised dealers are 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,” the statement reads.
