Crude oil prices have dropped by more than 12%, now hovering around $65.50 per barrel, following the implementation of extensive trade tariffs by President Donald Trump on various countries.
Prior to the tariffs, oil was trading above $70 per barrel.
The OPEC basket of twelve crudes was valued at $75.35 per barrel on Thursday, down from $77.44 the previous day, according to calculations by the OPEC Secretariat.
Nigeria depends on crude oil exports for 90% of its foreign exchange earnings.
In response, the Central Bank of Nigeria (CBN) took swift action, announcing on Sunday that it had facilitated market activity on Friday by providing $197.71 million through sales to authorized dealers.
The CBN stated that this move is part of its ongoing effort to ensure sufficient liquidity and support the smooth operation of the market. Additionally, it emphasized that this action is in line with its broader goal of promoting a stable, transparent, and efficient foreign exchange market.
It noted that recent movements in the foreign exchange market between April 3 and 4, 2025, “reflected broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”
“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
“Crude oil prices have also weakened – declining by over 12% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria,” the statement added.