The Central Bank of Nigeria, CBN, has refuted reports that it disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items.
Describing the reports as entirely inaccurate and misleading, the apex bank noted that the referenced figure of US$1.259 billion, as published in CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.
A statement by the bank’s spokesperson, Mrs Hakama Sidi Ali, said the figure only 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.
Sidi Ali noted 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.”
She explained that the “bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.
“The data cited in the report 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 explained.
She emphasised that the data signifies legitimate market transactions, not instances of direct CBN intervention in the oil sector, assuring that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and fosters confidence.
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