In a statement on Saturday, signed by Omolara Duke, CBN’s director of financial markets, the regulator the sale was made to ensure a stable and efficient FX market.
On April 2, President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
The CBN said the tariff increase has triggered a period of adjustment across global markets, hence the need for the dollar sale.
“The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies,” the statement reads.
“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.
“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 US$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.
“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.”
In August 2024, the bank sold FX to banks worth $876.26 million at N1,495 per dollar.
On April 1, the CBN said Nigeria’s net FX reserves (NFER) stood at $23.11 billion in 2024, marking the highest level in three years.
The apex bank reminded all authorised dealers to strictly adhere to the principles outlined in the Nigeria FX market code and uphold the highest standards in their dealings with clients and market counterparties.
