The Central Bank of Ni has intervened in the foreign exchange (FX) market with a sale of $197.71 million to authorized dealers, aiming to enhance liquidity and stabilize the market.
In a statement signed by Omolara Omotunde Duke, Director of the Financial Markets Department, the apex bank said, “This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
The intervention follows a significant depreciation of the naira, which lost N35.77 against the US dollar over three consecutive trading days due to growing demand pressure.
The CBN attributed the recent market movements between April 3 and 4 to broader global macroeconomic shifts, including newly announced U.S. import tariffs and declining crude oil prices—now down over 12% to approximately $65.50 per barrel—posing fresh challenges for oil-dependent economies like Nigeria.
Despite these developments, the bank expressed confidence in the resilience of Nigeria’s FX framework, saying, “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.”
It also issued a reminder to market participants: “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.”
