CBN opens dollar tap as Trump tariffs test naira
The Central Bank of Nigeria (CBN) sold dollars on the official market Friday as it stepped in to bolster liquidity after the naira came under renewed pressure following fresh U.S. tariffs that rattled global markets and weighed on oil prices. The apex bank intervened in the foreign exchange market with a $197.71 million sale to authorised dealers to halt the slide in the naira which fell 2.3 percent in three days. Analysts, noting this was the CBN’s first “intervention” of the year, say it may signal the start of a series of actions if market conditions continue to deteriorate in the coming days. The naira weakened by N35.77 at the official Nigerian Foreign Exchange Market (NFEM) between Wednesday and Friday, closing at N1,567.02 per dollar on April 4, compared with N1,531.25 on April 2, CBN data showed In the parallel market, the naira dropped to N1,565, down N15 from Wednesday, marking a torrid week for the currency. The CBN’s intervention, disclosed in a statement signed by Omo...