Following the dip of oil prices at the international market by over 12 per cent to approximately $65.50 per barrel, the Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange (FX) market.
The CBN move was to support the naira which also crashed to N1,600 per dollar—its weakest official exchange rate since December—under growing pressure from global economic shocks, including a 14 per cent import tariff recently imposed on Nigeria by the United States.
The intervention, confirmed in a statement released Saturday by Dr. Omolara Omotunde Duke, Director of the Financial Markets Department, marks one of the most direct responses by the apex bank to the turmoil triggered by the U.S. government’s sudden hike in tariffs on a wide range of imports, including goods originating from Nigeria.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity…with the provision of $197.71 million through sales to Authorized Dealers,” the statement read.
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.
According to economists, the U.S. president’s announcement of a sweeping 10 per cent baseline tariff on most imports, and a separate 14 per cent tariff on certain products from Nigeria, has directly contributed to the decline of the naira. The impact has been swift. Nigeria, which depends heavily on oil exports and dollar remittances, now finds itself squeezed between falling crude prices and rising trade barriers.
Recall that oil trade above $70 per barrel before President Trump slammed the tariffs, while the price of OPEC basket of twelve crudes stood at $75,35 a barrel on Thursday, compared with $77,44 the previous day, according to OPEC Secretariat calculations.
ThisNigeria can authoritatively report that Nigeria relies on crude oil exports for 90 per cent of its foreign exchange.
