CBN INTERVENES WITH $197.71 MILLION AS OIL PRICES DROP
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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.
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