The Central Bank of Nigeria (CBN) has refuted media reports suggesting it disbursed US$1.259 billion to major oil operators for the importation of refined petroleum products and related items.

In a statement issued by its Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank described such reports as “inaccurate and misleading,” stressing that the referenced figure did not represent any direct allocation or disbursement by the Bank.

 

According to the CBN, the amount in question, as published in its Q1 2025 Sectoral Utilisation of Foreign Exchange Report, reflects total foreign exchange transactions executed by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

“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,” Mrs. Sidi Ali explained.

“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products,” she added.

She further clarified that the data merely represents aggregate utilisation by authorised dealers and end-users who independently source foreign exchange through the market in compliance with regulatory guidelines.

 

“These are legitimate market transactions, not instances of direct CBN intervention in the oil sector,” the spokesperson emphasised.

Reiterating the Bank’s commitment to transparency and stability in the foreign exchange market, Mrs. Sidi Ali noted that the CBN remains focused on maintaining a credible and efficient market-based system that fosters price discovery, enhances investor confidence, and supports sustainable economic growth.

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