The Central Bank of Nigeria (CBN) has reacted to the recent global markets development saying it reflect broader global macroeconomic shifts.
A statement issued on the headed paper of the apex bank on Saturday and signed by the Director, Financial Markets Department, Omolara Omotunde Duke (Ph.D.) acknowledged that the Bank has
noted recent movements in the foreign exchange market between April 3 and 4, 2025.
The statement titled: Update on FX Market Developments: April 03-04, 2025 said is a reflection broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.
It urged all Authorized Dealers 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.
“These developments was 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”, CBN explained.
Additionally, it averred, “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 CBN said it facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorized Dealers, in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning.
This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
The Bank assures that it will continue 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.
