Nigeria’s central bank has sold nearly $200 million to stabilize the naira after President Donald Trump’s tariffs rocked global markets.
The Central Bank of Nigeria (CBN) revealed on Sunday that the tariffs had caused a drop in crude oil prices, which directly impacted oil-exporting nations like Nigeria.
The country, Africa’s largest oil producer, depends heavily on oil exports for 90% of its foreign exchange.
In response, the CBN took decisive action, selling $197.71 million to commercial banks to support the naira.
The intervention underscores the bank’s commitment to ensuring market stability.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the CBN stated.
The move comes at a time when global economic uncertainty and volatile oil prices threaten the financial stability of oil-dependent nations.
