- The Central Bank of Nigeria (CBN) cited a drop in crude oil prices, impacting oil-exporting countries
- Nigeria relies on crude oil exports for 90% of its foreign exchange, prompting the CBN to intervene
- The intervention aims to foster a stable, transparent, and efficient foreign exchange market
Nigeria’s central bank sold nearly $200 million to stabilize the naira following the global market upheaval triggered by President Donald Trump’s tariffs, the bank announced on Sunday. The Central Bank of Nigeria (CBN) explained that the resulting drop in crude oil prices had created “new dynamics” for oil-exporting nations like Nigeria.
As Africa’s largest oil producer, Nigeria relies on crude oil exports for 90% of its foreign exchange. In response, the CBN intervened in the foreign exchange market, selling $197.71 million to commercial banks.
“This measured action supports the Bank’s broader goal of maintaining a stable, transparent, and efficient foreign exchange market,” the CBN stated.
