The Central Bank of Nigeria (CBN) has refuted media reports suggesting that it disbursed $1.259 billion to major oil traders for the importation of refined petroleum products and related items.
In a statement issued by its Director of Corporate Communications, Ms Hakama Sidi Ali, the apex bank described such reports as “inaccurate and misleading”, and emphasized that the figure mentioned did not represent any direct allocation or disbursement by the Bank.
According to the CBN, the amount in question, published in its Sectoral Foreign Exchange Utilization Report for the first quarter of 2025, reflects the 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 in which foreign exchange is obtained and supplied by market participants, not allocated by the NCB,” explained Ms Sidi Ali.
“Therefore, the Bank has not sold foreign currency specifically for the import of refined oil or any other product,” he added.
It further clarified that the data merely represents aggregate utilization by authorized dealers and end-users independently earning foreign exchange through the market in accordance with regulatory guidelines.
“These are legitimate market transactions, not cases of direct intervention by the CBN in the oil sector,” the spokesperson stressed.
Reiterating the Bank’s commitment to transparency and stability in the foreign exchange market, Ms Sidi Ali noted that the CBN remains focused on maintaining a credible and efficient market-based system that encourages price discovery, enhances investor confidence and supports sustainable economic growth.
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