The Central Bank of Nigeria (CBN) has refuted claims that it disbursed $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items.
Reports circulated on Monday, October 27, alleging that the apex bank made the disbursement during the first quarter of 2025. However, in a statement issued on Tuesday, October 28, the CBN described the reports as “entirely inaccurate and misleading.”
According to the bank, the figure of $1.25 billion cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report does not reflect any direct disbursements by the CBN. Instead, it represents the total value of foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
CBN spokesperson Hakama Sidi-Ali clarified that since the unification of exchange rates in 2023, the apex bank has ceased allocating foreign exchange directly.
“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,” she said.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” she added.
Sidi-Ali explained that the data referenced in the report reflects aggregate utilisation by authorised dealers and end-users who sourced foreign exchange independently through the market, in line with regulatory requirements.
She stressed that the transactions were legitimate market operations and not evidence of CBN’s direct intervention in the oil sector.
The spokesperson reaffirmed the CBN’s commitment to sustaining a transparent and market-based foreign exchange system that promotes efficient price discovery, economic stability, and confidence in Nigeria’s financial sector.
