The Central Bank of Nigeria (CBN) has tied the significant developments in the foreign exchange market between April 3 and 4, 2025, to broader global economic shifts, including the U.S. government’s announcement of new import tariffs, which have triggered adjustments across global markets.
Omolara Omotunde Duke, Director, Financial Markets Department, the Central Bank of Nigeria explained this in a statement on Saturaday.
The statement said the developments which have triggered adjustments across global markets, declaring however, that CBN provided $197.71 million to authorized dealers on April 4 to ensure market liquidity and stability.
“These changes are linked to broader global economic shifts, including the U.S. government’s announcement of new import tariffs, which have triggered adjustments across global markets.
“Crude oil prices have also declined by over 12% to approximately $65.50 per barrel, impacting oil-exporting countries like Nigeria.
“In response, the CBN provided $197.71 million to Authorized Dealers on April 4 to ensure market liquidity and stability.
“The official exchange rate depreciated to N1,600/$1, reflecting increased market volatility.
“The CBN remains committed to maintaining a stable and efficient foreign exchange market, monitoring both global and domestic conditions closely” ,the statement added.