CBN Injects $197.7m to Stabilize Naira Amid Global Economic Shifts
The Central Bank of Nigeria (CBN) has intervened in the foreign exchange (FX) market by injecting $197.7 million to stabilize the naira, which has recently fallen to about N1,600 to the dollar. The decline has been linked to broader global macroeconomic shifts affecting emerging markets, including Nigeria.
In a statement issued by Dr. Omolara Omotunde Duke, Director of the CBN’s Financial Markets Department, the bank acknowledged the fluctuations in the FX market between April 3 and 4, 2025. The CBN attributed the naira’s decline to the U.S. government’s recent announcement of new import tariffs, which has caused a period of adjustment across global markets, affecting several economies.
The statement also highlighted the significant impact of falling crude oil prices, which have dropped by more than 12%, reaching $65.50 per barrel. As a major oil-exporting nation, Nigeria’s economy has been negatively affected by the dip in oil prices, which is a key economic driver.
To counteract the effects on the naira and ensure market stability, the CBN facilitated the FX market with a provision of $197.71 million in sales to authorized dealers. This measure is part of the CBN’s ongoing efforts to maintain liquidity and ensure the orderly functioning of the FX market.
The apex bank emphasized its commitment to maintaining a stable, transparent, and efficient foreign exchange market and will continue monitoring both global and domestic economic conditions. The CBN also reminded authorized dealers to strictly adhere to the Nigeria FX Market Code and uphold high standards in their transactions.
