Nigeria sells dollars to bolster its currency following the shock of Trump’s tariffs

Nigeria’s central bank announced on Sunday that it has sold around $200 million to bolster the naira currency following the worldwide market tremors caused by President Donald Trump’s tariffs.

As a result of the levies, crude oil prices have dropped, according to the Central Bank of Nigeria (CBN), creating “new dynamics for oil-exporting countries such as Nigeria.”

90% of Nigeria’s foreign exchange comes from crude exports, making it Africa’s biggest oil producer.

The CBN responded by selling banks US$197.71 million through its intervention in the foreign exchange market.

“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the Central Bank of Nigeria stated in a statement.