Nigeria responds to U.S. tariffs with dollar sales to stabilize naira

|Published 7:30 PM ET, Sunday April 06, 2025|

In response to recent U.S. import tariffs announced by President Donald Trump, which have caused global economic adjustments and a significant decline in crude oil prices, the Central Bank of Nigeria (CBN) has sold $197.71 million to authorized dealers to support the naira and maintain stability in the foreign exchange market. ​

Crude oil prices have dropped over 12% to approximately $65.50 per barrel, posing challenges for oil-exporting nations like Nigeria, which relies on crude exports for 90% of its foreign exchange earnings. The CBN’s intervention aims to ensure adequate liquidity and support orderly market functioning, aligning with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.​

Despite these measures, the naira has experienced depreciation, closing at N1,600 to the dollar on April 4, 2025, marking a 1.9% decline from the previous day. The CBN continues to monitor global and domestic market conditions, expressing confidence in the resilience of Nigeria’s foreign exchange framework to adapt to evolving economic fundamentals.

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