BRASILIA, Feb 25 (Reuters) - Brazil's President Jair Bolsonaro said on Thursday there was an "exaggeration" in the market reaction to his announcement that he was replacing the chief executive of state-controlled oil company Petrobras .

He said in a social media talk to supporters: "A lot of people made money. The smart guys made money."

Petrobras shares plunged and the company lost 100 billion reais ($18 billion) in market value in two days after he announced the move on Friday in a social media post.

($1 = 5.5308 reais) (Reporting by Anthony Boadle, Editing by Rosalba O'Brien)