The Central Bank of Nigeria (CBN) has refuted media reports alleging that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading.
In a statement on Tuesday, the Bank clarified that the figure cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent direct CBN disbursements, but rather the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
According to the Bank’s spokesperson, Mrs. Hakama Sidi Ali, the NFEM has operated as a market-driven system since the unification of exchange rates in 2023, where foreign exchange is sourced and supplied by market participants—not allocated by the CBN.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” she stated.
Ali explained that the $1.259 billion figure represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in line with existing regulations.
She emphasised that the data cited in the reports only captures legitimate market transactions, not direct CBN intervention in the oil sector.
The spokesperson reaffirmed the Bank’s commitment to transparency, market efficiency, and stability within the financial system.
“The CBN continues to promote a transparent, market-based foreign exchange regime that supports efficient price discovery, economic stability, and confidence in the Nigerian financial system,” she said.
The Bank urged the media and the public to verify economic information before publication to prevent the spread of misinformation that could distort public understanding of Nigeria’s monetary and exchange rate policies.
