Audio By Carbonatix
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.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Honeymoon is over; act decisively on galamsey, Franklin Cudjoe tells Mahama
34 minutes -
Karpowership Ghana empowers female engineering students at UG to mark International Women’s Day
1 hour -
Government weighs options on Ghanaian troops in Lebanon after missile attack
1 hour -
Dumelo commits to supporting UG’s School of Engineering Sciences at during IWD engagement
1 hour -
Ghana’s tax system from a gender lens: Why women-entrepreneurs are integral to tax revenue mobilisation
1 hour -
Mahama to embark on 5-day working visit to South Korea
2 hours -
When women lead, mining thrives…the story of Newmont’s Abena Acheampomaa Ankomah
2 hours -
COPEC urges creation of strategic fuel reserve fund to shield Ghana from supply shocks
2 hours -
Empowering women key to national prosperity – Mahama marks International Women’s Day
2 hours -
Brogya Genfi rejects claims of leadership gap at Defence Ministry
3 hours -
Explosion reported outside US embassy in Oslo, police say
5 hours -
Trump accuses UK PM of seeking to ‘join wars after we’ve already won’
5 hours -
See the areas that will be affected by ECG’s planned maintenance today, March 8
5 hours -
First Lady champions ‘Give to Gain’ spirit for International Women’s Day
6 hours -
Ghana@69: Ghana mission in Canada promotes investments and partnerships
6 hours