The Central Bank of Nigeria (CBN) has refuted reports suggesting that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing the claims as false and misleading.
In a statement issued on Tuesday, the Bank clarified that the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange report does not represent CBN disbursements. Instead, it reflects total foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller system.
According to Mrs. Hakama Sidi Ali, the Bank’s spokesperson, the NFEM has operated as a market-driven platform since the unification of exchange rates in 2023, meaning that foreign exchange is sourced and supplied by market participants rather than allocated by the CBN.
“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,” Sidi Ali explained. “Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
She noted that the data cited in the misreported story only captured aggregate forex utilisation by authorised dealers and end-users who independently sourced foreign exchange in compliance with market regulations.
“These are legitimate market transactions, not instances of direct CBN intervention in the oil sector,” she added.
