The Central Bank of Nigeria injected $197.71 million into the foreign exchange market on April 4, 2025, as part of its ongoing efforts to ensure adequate liquidity and stabilize the market.
This was disclosed in a statement by the Director of the Financial Markets Department,Dr. Omolara Omotunde Duke, who reaffirmed the Bank’s commitment to maintaining market integrity and ensuring operational transparency.
The statement read, “In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71 million through sales to Authorized Dealers. This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
According to the CBN, this strategic intervention aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient FX market.
The CBN continues to prioritize maintaining liquidity levels to ensure smooth market operations amid ongoing global economic changes.
This move to boost liquidity in the FX market comes in response to significant shifts in the global macroeconomic environment, which are impacting many Emerging Market and Developing Economies, including Nigeria.
The recent introduction of new import tariffs by the United States on goods from several economies has triggered adjustments across global markets.
Crude oil prices, a crucial revenue source for Nigeria, have notably dropped by over 12%, now hovering around $65.50 per barrel. This decline presents challenges for oil-exporting nations, affecting exchange rate dynamics and market sentiment.
The CBN emphasized its ongoing vigilance over both global and domestic market conditions.
It expressed confidence in the resilience of Nigeria’s foreign exchange framework, which is designed to adapt effectively to shifting economic fundamentals.
The Bank also called on all Authorized Dealers to strictly adhere to the principles set out in the Nigeria FX Market Code, ensuring transparency and upholding the highest standards in their dealings with clients and market counterparties.
