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The Central Bank of Nigeria (CBN) on Friday supplies a total of $ 197.71 million to the foreign exchange market through sales to the dealers expressed.
Director of the Apex Bank Financial Market Department, Dr. Omolara Duke, revealed this in a statement on Saturday in Abuja.
He said the intervention was in harmony with the commitment of CBN to the liquidity of the foreign exchange market.
According to Duke, the step reflects a broader CBN goal to encourage a stable, transparent and efficient foreign exchange market.
He said the decision was mostly influenced by the new movement in the Forex Market, driven by the announcement of the new United States tariffs and the reduction in crude oil prices.
The director said: “CBN has observed new fluctuations in the Foreign Valuuta Market between April 3 and April 4.
“This reflects a wider shift in the global macroeconomic which currently has an impact on several developing and developing economic markets.
Also read: CBN Problems New Forex Guidelines for BDCS
“This development comes from the new announcement by the United States government on new import tariffs on goods from several economies, triggers an adjustment period throughout the global market.”
Duke revealed that the price of crude oil has dropped more than 12 percent to 65.50 dollars per barrel to introduce new challenges for oil export countries such as Nigeria.
He said CBN would continue to monitor global and domestic market conditions.
Duke expressed his belief in the resilience of the Nigerian foreign exchange framework, which was designed to adjust in line with the developing economic fundamentals.
“All dealers expressed are reminded to strictly comply with the principles described in the FX Nigeria market code and uphold the highest standards in dealing with clients and market partners,” he said.
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