The Central Bank of Nigeria (CBN) has refuted claims that it disbursed $1.25 billion to oil sector operators for the importation of refined petroleum products.
The apex bank described the circulating reports as “entirely inaccurate and misleading.”
Reports on Monday, October 27, alleged that the CBN allocated the amount for oil and gas imports during the first quarter of 2025.
However, the bank clarified on Tuesday, October 28, that the figure quoted in its Q1 2025 Sectoral Utilisation of Foreign Exchange Report does not represent direct disbursements from the CBN.
According to the bank, the figure reflects the total value of foreign exchange transactions executed by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing sellerframework.
CBN spokesperson Hakama Sidi-Ali explained that the central bank no longer allocates foreign exchange directly to any sector following the unification of exchange rates in 2023.
“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,” she stated.
Sidi-Ali further clarified that, “Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
The CBN emphasized that the data cited in its report simply represents aggregate utilisation by authorised dealers and end-users who sourced FX independently in line with regulatory provisions.
“These transactions were legitimate market activities,” Sidi-Ali said, “and not direct interventions by the CBN in the oil sector.”
Furthermore, the bank highlighted that the NFEM operates transparently, allowing supply and demand forces to determine the value of the naira.
Reaffirming the apex bank’s commitment to maintaining transparency, Sidi-Ali noted that the CBN continues to support policies that promote stability and investor confidence.
She assured the public that the CBN remains focused on ensuring a market-based foreign exchange system that supports efficient price discovery and strengthens Nigeria’s financial system.
“The CBN is committed to maintaining a transparent and market-based foreign exchange system that supports efficient price discovery, economic stability, and confidence in Nigeria’s financial system,” she said.
