Nigeria's Central Bank Offloads $200 Million to Battle Tariff Fallout

Nigeria’s central bank recently sold around $200 million in dollars to shore up the naira after new tariffs announced by President Trump triggered global market jitters. Because the tariffs helped push oil prices down—a critical issue for Nigeria, which gets 90% of its foreign exchange from oil exports—the country felt the impact quickly.

In response to the falling crude prices, Africa’s largest oil producer took action by selling approximately $197.71 million in dollars to local banks. This move is part of the central bank’s broader strategy to maintain a stable, transparent, and efficient foreign exchange market.