CBN steps in with $197.71m as oil prices drop
Central Bank of Nigeria building
CBN steps in with $197.71m as oil prices drop
With weakened crude oil prices, declining by over 12% to approximately $65.50 per barrel, following sweeping trade tariffs imposed by President Donald Trump on several countries.
Before the tariffs were announced, oil had traded above $70 per barrel.
Following OPEC Secretariat calculations, the price of the OPEC basket of twelve crudes stood at $75.35 per barrel on Thursday, compared to $77.44 the previous day.
Nigeria relies on crude oil exports for 90% of its foreign exchange.
To salvage the situation, the Central Bank of Nigeri, in a circular on Sunday said it has facilitated market activity on Friday, with the provision of $197.71 million through sales to authorised dealers.
According to the apex bank, the move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, adding that the measured step aligns with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.
It noted that recent movements in the foreign exchange market between April 3 and 4, 2025, “reflected broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”
“These developments were 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% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria,” the statement added.
