The Central Bank of Nigeria (CBN) has sold $197.71 million to authorized dealers in a bid to improve liquidity in the foreign exchange (FX) market.

This action is part of the bank’s ongoing effort to ensure stability and smooth functioning in the market.

In a statement signed by Omolara Omotunde Duke, the director of the financial markets department, the CBN said that this move aligns with its broader goal of fostering a stable, transparent, and efficient foreign exchange market.

The naira has been under pressure recently, losing a total of N35.77 against the dollar over three consecutive trading days.

This depreciation is mainly due to increased demand in the FX market.

The statement also highlighted that the CBN has been monitoring changes in the foreign exchange market, particularly between April 3 and 4, 2025.

These shifts are attributed to global economic factors, including new import tariffs imposed by the United States on goods from several countries, which have caused market adjustments worldwide.

Additionally, crude oil prices have dropped by over 12%, now standing at about $65.50 per barrel.

This decline adds new challenges for oil-dependent countries like Nigeria.

Despite these challenges, the CBN remains confident in Nigeria’s foreign exchange system, which is designed to adapt to changing global and local economic conditions.

The bank also reminded all authorized dealers to follow the rules of the Nigerian FX Market Code and maintain high standards in their transactions.