Crude oil prices dropped significantly, falling by more than 12% to around $65.50 per barrel, following the imposition of sweeping trade tariffs by U.S. President Donald Trump on several countries.
Prior to the tariff’s announcement, oil had been trading above $70 per barrel.
According to calculations by the OPEC Secretariat, the price of the OPEC basket of twelve crudes stood at $75.35 per barrel on Thursday, down from $77.44 the day before.
Nigeria, which depends on crude oil exports for 90% of its foreign exchange earnings, has felt the effects of this price dip.
In response to the market fluctuations, the Central Bank of Nigeria (CBN) acted swiftly, announcing in a circular on Sunday that it facilitated market activity on Friday by providing $197.71 million through sales to authorized dealers.
The CBN emphasized that this intervention aligns with its ongoing commitment to ensuring sufficient liquidity and maintaining orderly market operations.
It also noted that the move is in line with the bank’s broader goal of fostering a stable, transparent, and efficient foreign exchange market.
The central bank further explained that recent shifts in the foreign exchange market between April 3 and April 4, 2025, were influenced by wider global macroeconomic changes currently impacting several Emerging Market and Developing Economies.
“These developments were driven by the United States government’s recent announcement of new import tariffs on goods from several economies, triggering a period of adjustment across global markets,” the statement said.
“Crude oil prices have also weakened, with a significant drop to approximately $65.50 per barrel, introducing new challenges for oil-exporting countries like Nigeria,” the statement concluded.
