By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Naira Plummets to N1,600: CBN Blames Global Economic Shifts, US Tariffs
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Economy

Naira Plummets to N1,600: CBN Blames Global Economic Shifts, US Tariffs

Genesis Obong
By Genesis Obong
Published: April 7, 2025
Share
4 Min Read
SHARE

The Nigerian naira has experienced a sharp decline, reaching approximately N1,600 to the US dollar, a development the Central Bank of Nigeria (CBN) attributes to significant global macroeconomic shifts. In a statement released by Dr. Omolara Omotunde Duke, Director of the CBN’s Financial Markets Department, the apex bank pointed to recent international economic events as the primary drivers of this volatility.

“The CBN has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies,” the statement read.

Specifically, the CBN highlighted the United States’ recent announcement of new import tariffs on goods from multiple economies. This policy decision has triggered a ripple effect across global markets, leading to significant adjustments. Furthermore, the Nigerian economy, heavily reliant on crude oil exports, has been impacted by a more than 12% drop in oil prices, now hovering around $65.50 per barrel. This decline poses a considerable challenge for oil-exporting nations like Nigeria.

In response to the naira’s instability, the CBN has taken decisive action to stabilize the foreign exchange market. “To stabilise the naira and in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN said it facilitated market activity last Friday, April 4, 2025, with the provision of $197.71 million through sales to Authorized Dealers.” This intervention aims to inject much-needed liquidity into the market and mitigate further fluctuations.

- Advertisement -

The CBN remains committed to maintaining a stable, transparent, and efficient foreign exchange market. “This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the statement emphasized. The bank also assured that it will continue to closely monitor both global and domestic market conditions, adapting its strategies as needed to ensure the resilience of Nigeria’s foreign exchange framework.

As someone who’s observed these market fluctuations over time, I understand the anxiety this can cause. It’s not just numbers on a screen; it affects everyday Nigerians, from the cost of imported goods to the stability of local businesses. The CBN’s intervention is a crucial step, but sustained stability will require a comprehensive approach to address both internal and external economic pressures.

The CBN has also issued a strong reminder to all authorized dealers to strictly adhere to the principles outlined in the Nigeria FX Market Code, emphasizing the importance of upholding the highest standards in their dealings with clients and market counterparties. This call for ethical conduct aims to ensure transparency and fairness in the foreign exchange market.

The situation underscores the interconnectedness of the global economy and the vulnerability of emerging markets to international policy changes. As we move forward, it will be crucial for Nigeria to diversify its economy and strengthen its resilience to external shocks.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNEconomyForexNairaOiltariffs
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByGenesis Obong
Follow:
Genesis Obong is a Journalist with relevant experience in Business, Finance and Economic matters in Nigeria and across the West African space.
Previous Article Nigerian Stock Market Slides, Investors Face Losses Amid Delistings and Bearish Sentiment
Next Article Debt Management Office (DMO) Nigeria’s Debt Servicing Surges 68% to N13 Trillion, Fueling Economic Concerns

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89
News Top stories
Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet
International
MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation
Top stories
Lagos Commuters Endure Severe Gridlock as Pre-Sallah Activities Paralyze Major Routes
News
Nigeria GDP Growth, Nigeria renewable energy
Sallah 2025: Tinubu’s Economic Optimism and Nationwide Security Measures Highlight Nigeria’s Eid Celebrations
News Top stories
- Advertisement -
Ad imageAd image

You May Also Like

News

Tinubu Warns Lagos, States Against Unauthorised Island Approvals, Vows to Revoke Encroachments

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
News

Shettima Inaugurates African Medical Centre of Excellence in Abuja, Hails New Era in African Healthcare

Muhammad A. Aliyu
Muhammad A. Aliyu
June 5, 2025
News

Tinubu Pledges Increased Infrastructure Funding, Calls for State-Federal Collaboration on Approvals

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?