Nigeria sells dollars to support currency after Trump tariffs shock

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April 6, 2025 10:06 AM EDT

FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde/File Photo

ABUJA (Reuters) - 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.

(Reporting by Camillus Eboh, writing by MacDonald Dzirutwe;Editing by Elaine Hardcastle)


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