The Central Bank of Nigeria (CBN) has dismissed reports claiming it disbursed $1.25 billion to major oil operators for the importation of refined petroleum products and related items.
In a statement issued by its spokesperson, Mrs. Hakama Sidi Ali, the apex bank described the reports as “entirely inaccurate and misleading.”
According to her, the figure of $1.259 billion cited in the bank’s Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent CBN disbursements, but rather the total foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors, including oil and gas, under the willing buyer, willing seller arrangement.
Sidi Ali explained that 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.
“The Bank has not sold foreign exchange specifically for the importation of refined petroleum products or any other goods,” she said.
She further clarified that the data referenced in the reports merely captured aggregate utilisation by authorised dealers and end-users who independently sourced forex through the market in compliance with regulations.
Sidi Ali emphasised that these were legitimate market transactions, not instances of direct CBN intervention in the oil sector.
She reaffirmed the CBN’s commitment to maintaining a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and builds confidence in Nigeria’s financial system.
