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.
