The Central Bank of Nigeria (CBN) has debunked reports suggesting that it disbursed US$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 Monday, the Bank clarified that the figure cited, $1.259 billion, as published in its Q1 2025 Sectoral Utilisation of Foreign Exchange data, represents total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework, and not CBN disbursements.
CBN spokesperson Hakama Sidi Ali explained that since the unification of exchange rates in 2023, the foreign exchange market has been operating on a market-driven basis, where forex is sourced and supplied by participants, rather than being allocated by the apex bank.
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“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” she stated.
Ali added that the data referenced in the report merely captures aggregate forex utilisation by authorised dealers and end-users who independently sourced their funds through the market in line with existing regulations.
She reaffirmed that the CBN remains committed to maintaining a transparent and market-based foreign exchange regime that enhances efficient price discovery, supports economic stability, and strengthens confidence in Nigeria’s financial system.
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