Amid Declining Crude Oil Prices, CBN injects $197.71m to boost fx liquidity

The Central Bank of Nigeria (CBN) on Friday supplied a total of 197.71 million dollars to the foreign exchange market through sales to authourised dealers.

The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja.
Abuja, April 5, 2025 (NAN)The Central Bank of Nigeria (CBN) on Friday supplied a total of 197.71 million dollars to the foreign exchange market through sales to authourised dealers.

The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja.
The CBN has observed recent fluctuations in the foreign exchange market between April 3 and April 4.

“These are reflective of broader global macroeconomic shifts currently impacting several emerging markets and developing economies.

“These developments stem from the recent announcement by the United States government of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” she said.

Duke further said that crude oil prices had dropped by over 12 per cent, falling to approximately 65.50 dollars per barrel, introducing new challenges for oil-exporting nations like Nigeria.

She said that the CBN would continue to monitor both global and domestic market conditions.

She expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust in line with evolving economic fundamentals.

Source: newsdairyonline.com

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