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- The Central Bank of Nigeria made a US$197.71 cardinal concern successful the overseas speech (FX) market
- The transportation was done done income to Authorized Dealers, according to Director of the Financial Markets Department astatine CBN
- Duke said the measurement was a effect to the expanding volatility of planetary fiscal markets
Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
To support capable liquidity and stabilize trading, the Central Bank of Nigeria (CBN) invested US$197.71 cardinal successful the overseas currency (FX) marketplace connected Friday.
Source: Getty Images
CBN Director of the Financial Markets Department Omolara Duke stated successful a play circular that the transfer was made done income to Authorized Dealers.
The action, according to Duke, addressed the increasing volatility successful planetary fiscal markets. This came aft the United States slapped caller import duties connected a fig of economies.
“The Central Bank of Nigeria (CBN) has noted caller movements successful the overseas speech marketplace betwixt April 3 and 4, 2025, reflecting broader planetary macroeconomic shifts presently affecting respective Emerging Market and Developing Economies,” the circular stated.The CBN attributed these changes to the planetary marketplace turbulence caused by U.S. tariffs. Additionally, the terms of crude lipid fell much than 12% to astir US$65.50 per barrel, putting further strain connected countries that export oil, specified arsenic Nigeria.
“These developments were arsenic a effect of the caller announcement of caller import tariffs by the United States authorities connected imports from respective economies, which has triggered a play of accommodation crossed planetary markets,” the papers noted.How CBN is providing solution
On April 4, 2025, the CBN provided US$197.71 cardinal to combat this.
“In enactment with its committedness to ensuring capable liquidity and supporting orderly marketplace functioning, the CBN facilitated marketplace enactment connected Friday, April 4, 2025, with the proviso of US$197.71 cardinal done income to Authorised Dealers,” it said.
The slope emphasized that this enactment advances its nonsubjective of having a stable, open, and effectual overseas speech market.
Source: Getty Images
The CBN besides said it is assured successful Nigeria's foreign speech system.
“This measured measurement aligns with the Bank’s broader nonsubjective of fostering a stable, transparent, and businesslike overseas speech market. The CBN continues to show planetary and home marketplace conditions and remains assured successful the resilience of Nigeria’s overseas speech framework, which is designed to set appropriately to evolving fundamentals,” the circular added.The slope besides asked Authorized Dealers to support precocious standards with customers and marketplace partners and to adhere intimately to the Nigeria FX Market Code.
CBN reports highest nett FX reserves successful 3 years
Legit.ng reported that the Central Bank of Nigeria (CBN) reported connected Tuesday, April 1, 2025, that it achieved an betterment successful its nett FX reserve (NFER) at $23.11 cardinal successful 2024.
According to a connection from the apex bank, the NFER magnitude was the highest level of FX accruals successful 3 years, comparative to $3.99 cardinal successful 2023, $8.19 cardinal successful 2022, and $14.59 cardinal successful 2021.
The net amusement an betterment successful Nigeria’s outer liquidity, reduced short-term obligations, and accrued capitalist confidence.
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