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.
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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.
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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”.
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