The Central Bank of Nigeria (CBN) has dismissed reports claiming it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items.
In a statement on Thursday, the bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the reports as “entirely inaccurate and misleading.”
She clarified that the figure cited—$1.259 billion—originated from the apex bank’s Q1 2025 Sectoral Utilisation of Foreign Exchange data but does not represent CBN disbursements.
According to her, the amount reflects 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 framework.
“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 noted that the CBN has not sold forex specifically for the importation of refined petroleum or any other products, stressing that the published data only captures aggregate utilisation by authorised dealers and end-users who independently sourced forex through the market.
The apex bank reiterated its commitment to maintaining a transparent and market-based foreign exchange regime that promotes efficient price discovery, economic stability, and investor confidence.
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