The Central Bank of Nigeria (CBN) has described as entirely false, inaccurate and misleading, reports that it disbursed US$1.259 billion to major oil sector operators for to import refined petroleum products and related items.
The bank, in a statement on Wednesday, said the referenced amount, as published in its Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent disbursements, but “reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework.”
The statement quoted the CBN’d spokesperson, Mrs. Hakama Sidi Ali as saying: “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. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
Instead, she explained, the data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations. She stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.
The spokesperson reiterated the CBN’s commitment to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and ensures confidence in Nigeria’s financial system.
