US EditionNigeria: U.S. Tariff Threatens Forex Market As CBN Boosts Liquidity With $197.71 Million
- Dr. Tope Fasua, Special Adviser on Economic Affairs, emphasized the naira's local purchasing power despite its weakness against the dollar, stating, '$1 is over N1,500, which can buy a meal in Nigeria.'
- The Central Bank of Nigeria announced an injection of $197.71 million into the Foreign Exchange market to ensure liquidity amid recent import tariff increases by the United States.
- As of April 4, 2025, the naira closed at N1,567/$1, marking nearly a 1% depreciation due to global macroeconomic shifts affecting emerging economies.
- The recent U.S. Tariff policy, imposing a 10% baseline on imports, threatens Nigerian trade, particularly crude oil exports, which are vital to the country's economy.
33 Articles
33 Articles
CBN injects $197.71 million into FX market amidst US import tariff hike
The CBN said it would continue to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s FX framework. The post CBN injects $197.71 million into FX market amidst US import tariff hike appeared first on Premium Times Nigeria.
$1 can buy you meal in Nigeria, unlike in US – Tinubu’s aide
President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has defended the value of the naira locally despite its weakness against the dollar, saying that $1, equivalent to over N1,500, can still buy a meal in Nigeria. Fasua, who spoke on the Mic On Podcast hosted by Seun Okinbaloye on Saturday, also addressed
Nigeria’s Naira Falls To N1,612/$ At Official Market – Lowest Since December
Nigeria’s currency continued its downward slide on Monday, dropping to N1,612 against the US dollar in official trading. This marks the naira’s weakest level since December last year when it briefly touched N1,613.69 per dollar. At the Nigerian Foreign Exchange Market, the naira lost nearly 3% of its value in just one day, falling from N1,567.02 on Friday to N1,612.23. The situation looked worse in the parallel market, where the exchange rate tu…
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