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
-
Limit mobile phone use in schools to improve student performance — Educationist on 2025 WASSCE results
2 minutes -
Ambassador urges U.S. investors to prioritise land verification as Ghana courts more investment
17 minutes -
Europe faces an expanding corruption crisis
30 minutes -
Ghana’s Dr Bernard Appiah appointed to WHO Technical Advisory Group on alcohol and drug epidemiology
43 minutes -
2026 World Cup: Ghana drawn against England, Croatia and Panama in Group L
47 minutes -
3 dead, 6 injured in Kpando–Aziave road crash
54 minutes -
Government to deploy 60,000 surveillance cameras nationwide to tackle cybercrime
1 hour -
Ghana DJ Awards begins 365-day countdown to 2026 event
1 hour -
Making Private University Charters Optional in Ghana: Implications and Opportunities
1 hour -
Mampong tragedy: Students among 30 injured as curve crash kills three
2 hours -
Ken Agyapong salutes farmers, promises modernisation agenda for agriculture
2 hours -
Team Ghana wins overall best project award at CALA Advanced Leadership Programme graduation
2 hours -
FIFA gives President Donald Trump a peace prize at 2026 World Cup draw
2 hours -
2025 National Best Farmer urges government to prioritise irrigation infrastructure
2 hours -
EPA CEO to be installed as Nana Ama Kum I, Mpuntu Hemaa of Abura traditional area
2 hours