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From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has debunked media reports suggesting that it disbursed $1.259 billion to major oil operators for the importation of refined petroleum products and related items.
In a statement on Tuesday, the apex bank said the reports was entirely inaccurate and misleading, stressing that the amount in question does not represent any direct disbursement or allocation by the CBN.
According to CBN, the figure, published in its Q1 2025 Sectoral Utilisation of Foreign Exchange report, reflects the total value of foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across multiple sectors, including oil and gas, under the willing buyer, willing seller framework.
The Bank’s spokesperson, Mrs. Hakama Ali, explained that since the unification of Nigeria’s exchange rates in 2023, the NFEM has functioned as a market-driven platform where foreign exchange is sourced and supplied by market participants, not allocated by the CBN.
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“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” Ali stated.
She further noted that the reported figures merely capture aggregate utilisation by authorised dealers and end-users who independently sourced forex in compliance with market regulations, not direct CBN interventions in the oil sector.
Reaffirming the Bank’s stance, the Spokesperson said the CBN remains committed to maintaining a transparent and market-based foreign exchange regime that ensures efficient price discovery, supports economic stability, and bolsters confidence in Nigeria’s financial system.
