…Sells Extra $124m to Banks
The Central Bank of Nigeria (CBN) sold $124 million on Monday to lenders to stem an erosion of the naira exchange rate, after a selloff induced by US tariff turbulence.
CBN’s intervention in the FX market has notably increased, with $321.71 million in FX sales in the last 2 trading sessions ($197.17m on Friday Apr 04 and $124m on Monday Apr 07).
The naira has a 1-month return of -8.6% and year-to-date of -5.8%. Nigeria gets up to 90% of its dollar earnings from the sale of crude oil.
Brent crude price has declined by 14.2% year-to-date (YTD).
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