Nigeria, April 7 -- The Central Bank of Nigeria (CBN) announced on Saturday its decision to inject $197.71 million into the country's Foreign Exchange (FX) market.

The bank said the action aims to ensure sufficient liquidity and facilitate the orderly functioning of the market in light of the recent increase in import tariffs policy being implemented by the government of the United States of America.

In a statement issued and signed by the apex bank's Financial Markets Department Director, Omolara Duke, the CBN said the decision aligns with its broader objective of fostering a "stable, transparent, and efficient foreign exchange market."

"In line with its commitment to ensuring adequate liquidity and supporting orderly market functioni...