Central Bank of Nigeria (CBN) has dismissed reports suggesting that it disbursed $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 yesterday, the CBN clarified that the figure referenced in its first quarter 2025 Sectoral Utilisation of Foreign Exchange data did not represent direct CBN disbursements.
Instead, it reflected the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
According to the bank’s spokesperson, Mrs. Hakama Sidi Ali, “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 nor any other products.”
She explained that the figure of $1.259 billion merely represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in compliance with existing regulations.
“The data cited in the report only captures legitimate market transactions and does not reflect any form of direct CBN intervention in the oil sector,” she stated.
Sidi Ali noted that the willing buyer, willing seller system allows for transparency and fair price discovery in the foreign exchange market, reinforcing the CBN’s commitment to maintaining a market-based framework.
She further assured the public that the Central Bank remains committed to transparency and stability in Nigeria’s financial system.
“The CBN continues to promote a transparent, market-based foreign exchange regime that supports efficient price discovery, economic stability, and confidence in the Nigerian financial system,” she said.
The Bank therefore urged the media and the public to verify information before publication, especially when it concerns sensitive economic data, to avoid creating false impressions about government policies or the management of the nation’s foreign exchange market.
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