Nigeria’s central bank has acted to defend the country’s currency by pumping nearly $200 million into the market following US President Donald Trump’s sweeping tariffs that have raised global recession fears.
It said in a statement released on its website on Monday that the move was triggered by the announcement of new import tariffs by the United States government “which has triggered a period of adjustment across global markets”.
The bank in Africa’s leading oil producer said the resulting more-than 12 percent drop in crude oil prices presented “new dynamics for oil-exporting countries”.
To ensure “adequate liquidity and supporting orderly market functioning, the CBN (Central Bank of Nigeria) facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorized Dealers”, it said.
Trump last week slapped Nigeria with 14 percent tariffs on its exports to the United States.
More than 90 percent of Nigeria’s exports to the United States — valued at between $5 billion and $6 billion annually — comprises crude petroleum, mineral fuels and gas products.
Separately, Trade Minister Jumoke Oduwole said Nigeria would implement various policy interventions “including expanding alternative market access opportunities and ensuring off-take diversification to reduce and mitigate trade risks”.
She said the tariffs will help push Nigeria’s resolve to boost non-oil exports and act as signals for Africa — and Nigeria in particular — “to enhance intra-African trade”.
