The Central Bank of Nigeria (CBN) has denied reports that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items.
In a statement issued on Tuesday, the bank described the reports as inaccurate and misleading, clarifying that the referenced amount in its Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent any direct CBN disbursement.
CBN spokesperson, Mrs. Hakama Sidi Ali, explained that the figure merely reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across multiple sectors, including oil and gas, under the willing buyer, willing seller arrangement.
“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN,” Sidi Ali stated.
She further clarified that the apex bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products.
“The data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations,” she said.
Sidi Ali emphasised that the figures reflect legitimate market transactions rather than direct CBN interventions in the oil sector. She added that the bank remains committed to maintaining a transparent, market-based foreign exchange regime that ensures efficient price discovery, supports economic stability, and strengthens investor confidence.
