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The Central Bank of Nigeria (CBN) has dismissed recent media reports suggesting the misapplication of foreign exchange (forex) in the oil and gas sector, describing them as misleading and inconsistent with verifiable facts.
In a statement issued on Tuesday, the apex bank clarified that all forex allocations to the sector were transparently managed and in strict compliance with due process. It stressed that recent insinuations implying irregularities were based on misinterpretations of publicly available data.
“The Central Bank wishes to state unequivocally that reports alleging misuse of foreign exchange in the oil and gas industry are inaccurate and do not reflect the actual position,” the statement read.
According to the CBN, all transactions related to forex for crude oil importation, refined products, and associated services are subject to rigorous documentation, monitoring, and verification to ensure full accountability.
“The Bank operates within a robust regulatory framework designed to promote transparency in forex disbursement. Every allocation passes through established compliance channels in line with international best practices,” the statement added.
It explained that the misunderstanding likely arose from a misreading of figures published in recent reports, noting that forex utilization data should not be conflated with allocations or disbursements for other purposes.
The apex bank reaffirmed its commitment to maintaining transparency in forex management, particularly in sectors critical to national economic stability, such as oil and gas.
“CBN remains committed to ensuring that forex is used solely for legitimate, productive purposes that contribute to national growth and energy security. We urge the public and media to rely on verified information from official channels to avoid unnecessary speculation,” the statement emphasized.
Industry experts have backed the clarification, noting that forex allocations in the oil sector are closely tied to Nigeria’s economic performance and are subject to both internal and external audits.
A senior energy analyst in Lagos described the controversy as “a classic case of data misreading,” adding that the CBN’s transparency reforms under Governor Olayemi Cardoso have “significantly improved clarity around forex transactions.”
Since 2024, the CBN has implemented several reforms aimed at sanitizing the forex market—streamlining demand documentation, closing arbitrage windows, and promoting transparency in official and autonomous market segments.
The Bank reiterated that it will continue to collaborate with stakeholders to strengthen oversight mechanisms and prevent distortions in forex utilization, especially in the strategic oil sector that anchors Nigeria’s foreign exchange earnings.
“CBN will not hesitate to publish verifiable records when necessary to ensure that the public remains accurately informed about its operations,” the statement concluded.
