Nigeria Sells Dollars to Support Currency After Trump Tariffs Shock

SEATTLE (Oil Monster): Nigeria's central bank has sold nearly $200 million to support the naira currency after President Donald Trump's tariffs sent shockwaves through global markets, the bank said on Sunday.

The Central Bank of Nigeria (CBN) said a decline in crude oil prices in response to the tariffs, had presented "new dynamics for oil-exporting countries such as Nigeria."

Nigeria, Africa's largest oil producer, relies on crude exports for 90% of its foreign exchange.

The CBN reacted by intervening in the foreign exchange market, selling US$197.71 million to banks.

"This measured step aligns with the Bank's broader objective of fostering a stable, transparent, and efficient foreign exchange market," the CBN said in a statement.

Courtesy: www.reuters.com