Following President Donald Trump’s extensive trade tariffs against nations, crude oil prices have fallen by over 12% to about $ 65.50 per barrel.
Before President Trump slammed the tariffs, oil was trading above $70 per barrel.
According to calculations from the OPEC Secretariat, the price of a basket of twelve crudes on Thursday was $75, 35, compared to $77, 44 the day before.
90% of Nigeria’s foreign exchange is dependent on crude oil exports.
The Central Bank of Nigeria (CBN) announced in a quick move on Sunday that it had provided $ 97.71 million through sales to authorised dealers, facilitating market activity on Friday.
The apex bank claims that the measured step is in line with its stated goal of fostering a stable, transparent, and effective foreign exchange market by ensuring adequate liquidity and supporting orderly market functioning.
READ ALSO: In Q1 2025, CBN Spent $669 million to defend the naira.
It noted that recent movements in the foreign exchange market between April 3 and April 4, 2025 “reflected wider global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”
The United States government recently announced new import tariffs on imports from several economies, which has caused a period of adjustment across global markets.
Source: Channels TV
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