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The Central Bank of Nigeria (CBN) has dismissed recent media claims suggesting that $1.259 billion was disbursed to major oil sector operators for the importation of refined petroleum products and related items. In a statement issued on Monday, the CBN’s spokesperson, Mrs. Hakama Sidi Ali, described the report as inaccurate and misleading. She clarified that the figure referenced comes from the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data and does not represent CBN disbursements. Mrs. Ali explained that the $1.259 billion reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors, including oil and gas, under the willing buyer, willing seller framework. She said 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. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products. The spokesperson further noted that the data merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in full compliance with existing regulations. She stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector. Mrs. Ali reassured the public that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and fosters confidence in Nigeria’s financial system.
