Nigeria's central bank has sold nearly $200m (R3.87bn) 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 $197.71m (R3.83bn) 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.
Nigeria sells dollars to support currency after Trump tariffs shock
Image: REUTERS/Afolabi Sotunde
Nigeria's central bank has sold nearly $200m (R3.87bn) 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 $197.71m (R3.83bn) 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.
READ MORE:
Steep US tariffs on Africa signal end of trade deal meant to boost development
World Bank approves $1.08bn loan for Nigeria
Asia set to receive more fuel oil from Nigeria's Dangote refinery
Nigeria names ex-Shell executive Bayo Ojulari to lead state oil firm NNPC
Mob kills seven suspected kidnappers in Nigeria's Edo state
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
News and promos in your inbox
subscribeMost read
Latest Videos