
CBN INTERVENES WITH $197.71 MILLION AS OIL PRICES DROP
Following President Donald Trump’s broad trade tariffs on several nations, crude oil prices have weakened, falling by more than 12% to about $65.50 per barrel.
Prior to the announcement of the levies, the price of a barrel of oil was above $70.
The price of the OPEC basket of twelve crudes was $75.35 per barrel on Thursday, down from $77.44 the day before, according to figures made by the OPEC Secretariat.
Nigeria relies on crude oil exports for 90% of its foreign exchange.
In a fast move, the Central Bank of Nigeria, in a circular on Sunday, stated it had enabled market activity on Friday, with the supply of $197.71 million through sales to licensed dealers.
According to the apex bank, the move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, adding that the measured step aligns with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.
It noted that recent movements in the foreign exchange market between April 3 and 4, 2025, “reflected broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”
“These developments were 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.
“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 statement added.
More Stories
WORLD NEWS: MASSIVE OUTAGE HITS SPAIN, PORTUGAL
All of Spain and Portugal lost power on Monday, which shut down internet and phone networks, stopped trains and trapped...
NEWS: DANGOTE REFINERY SUED OVER ALLEGED ILLEGAL DETENTION OF VESSEL
Dangote Petroleum Refinery & Petrochemicals FZE has been dragged before the Federal High Court in Lagos over the alleged illegal...
COURT ADJOURNS ARRAIGNMENT OF ALLEGED CHINESE PONZI SYNDICATE OPERATOR TO MAY 5
An Ikeja Special Offences Court has adjourned the arraignment of Friday Audu, accused of involvement in a $2.6 million USDT...
NIGERIA’S FUTURE DEPENDENT ON AI- ICT EXPERT CLAIMS
Chibuike Aguene, the CEO of BilduP, has stated that Nigeria needs to capitalise on the remarkable advancements in artificial intelligence...
BREAKING: GOSPEL SINGER OSINACHI’S HUSBAND BAGS DEATH SENTENCE
Peter Nwachukwu, the late gospel singer Osinachi's husband, was given a hanging death sentence by Justice Njideka Nwosu-Iheme of the...
WORLD NEWS: CONCLAVE TO BEGIN ELECTION FOR NEW POPE MAY 7 – VATICAN
A week after Pope Francis' death, the Vatican said Monday that Catholic cardinals will begin voting for a new pope...