The Central Bank of Nigeria has provided updates to the financial market, investors and the public on the recent movements in the foreign exchange market between April 3rd and 4th, 2025.
In a statement signed by Omolara Omotunde Duke (Ph.D.) The Director, Financial Markets Department for the Central Bank of Nigeria, the banking regulator, noted recent movements in the foreign exchange market reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.
The CBN observed that these developments were a result of the recent announcement by the United States government of new import tariffs on imports from several economies, which has triggered a period of adjustment across global markets.
This has impacted crude oil prices, which declined by over 12% to approximately US$65.50 per barrel, presenting new dynamics for oil-exporting countries such as Nigeria.
The CBN stated that, in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, it facilitated market activity on Friday, April 4, 2025, by providing $197.71m through sales to Authorized Dealers.
The statement read, “This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market. 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 Authorized 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.”
