Nigeria sells FX to offset tariff-induced volatility
Oil-exporting country also affected by decline in commodity prices
The Central Bank of Nigeria (CBN) said on April 4 that it would sell nearly $200 million worth of foreign exchange to prop up the naira.
The central bank said US tariffs on imports had triggered volatility across markets and pointed to a fall in the price of oil, which remains one of the country’s major exports. The bank said crude prices had fallen by more 12% to $65.50 a barrel since US president Donald Trump unveiled the full tariffs on April 2.
It added that the sale of FX would provide
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