The Nigeria oil price crisis has forced the Central Bank of Nigeria (CBN) to pump $197.71 million into foreign exchange markets in an effort to stop the naira’s freefall.
This intervention comes in response to falling oil prices after new U.S. tariffs disrupted global trade.
As Africa’s top oil producer, Nigeria relies heavily on crude exports, which account for 90% of its foreign income. The Nigeria oil price crisis is putting Nigeria’s economic stability at risk, as the country is vulnerable to shifts in global oil prices.
The tariffs, part of President Donald Trump’s trade policies, have sent oil prices plummeting, worsening the Nigeria economic stability
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the CBN said in a statement.
Experts warn that the crisis is far from over. If oil prices continue to drop, Nigeria could face higher inflation, job losses, and worsening economic challenges.
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