Global oil markets took a hit this week as crude prices plummeted by over 12%, settling around $65.50 per barrel—a sharp drop from the previous level above $70. The decline follows new trade tariffs imposed by U.S. President Donald Trump on multiple countries, sparking volatility in global markets.
The OPEC basket price also fell, dropping to $75.35 per barrel on Thursday from $77.44 the day before, according to figures released by the OPEC Secretariat.
Nigeria, which earns about 90% of its foreign exchange from crude oil exports, is particularly vulnerable to such global shifts. In response, the Central Bank of Nigeria (CBN) stepped in to stabilize the foreign exchange market.
In a statement released Sunday, the apex bank confirmed it provided $197.71 million to authorized dealers on Friday to support market liquidity.
“This action reflects our commitment to ensuring adequate liquidity and supporting orderly market functioning,” the CBN stated. “It aligns with our broader objective of fostering a stable, transparent, and efficient foreign exchange market.”
The bank noted that the recent foreign exchange movements, observed between April 3 and 4, 2025, were influenced by global macroeconomic changes impacting many emerging 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,” the CBN explained.
“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.
