Market News
Nigeria Supplies Dollars to Shield Naira From Tariff Fallout
By Emele Onu
Nigeria’s central bank sold dollars to lenders to stem an erosion of the naira exchange rate, after a selloff induced by US tariff turbulence.
The Abuja-based Central Bank of Nigeria sold $197.71 million to authorized dealers on April 4 to ensure “adequate liquidity,” noting depreciation pressure from President Donald Trump’s announcement of new import tariffs last week, it said in a circular to lenders. “This measured step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” it said.
