Nigeria’s central bank has sold nearly $200 million to support the naira currency after President Donald Trump’s tariffs sent shockwaves through global markets, the bank said on Sunday.
The Central Bank of Nigeria (CBN) said a decline in crude oil prices in response to the tariffs, had presented “new dynamics for oil-exporting countries such as Nigeria.”
Nigeria, Africa’s largest oil producer, relies on crude exports for 90% of its foreign exchange.
The CBN reacted by intervening in the foreign exchange market, selling US$197.71 million to banks.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the CBN said in a statement.
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