The Central Bank of Nigeria (CBN) has denied reports that it allocated $1.269 billion in foreign exchange for the importation of petroleum products in the first quarter of 2025.
In a statement issued on Tuesday, the apex bank described the claims as misleading and inaccurate, clarifying that the referenced figure was not a direct disbursement by the CBN.
“The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading,” the statement read.
The bank explained that the figure cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report represented total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM), not allocations made by the CBN.
CBN spokesperson, Mrs. Hakama Sidi Ali, emphasized that since the unification of exchange rates in 2023, the NFEM has operated under a market-driven framework. She noted that foreign exchange is now sourced and supplied by market participants through the willing buyer, willing seller model.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” Ali stated.
She added that the data referenced in the report merely reflects aggregate utilisation by authorized dealers and end-users who independently sourced forex in compliance with existing regulations.
Ali reiterated the CBN’s commitment to maintaining a transparent and market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and builds confidence in Nigeria’s financial system.
