Akpo Ojo

The Central Bank of Nigeria (CBN) has dismissed reports claiming it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such reports as “entirely inaccurate and misleading.”

The apex bank clarified in a statement on Tuesday that the referenced figure, which appeared in its Q1 2025 sectoral utilisation of foreign exchange report, does not represent direct disbursements by the CBN.

It explained that the amount reflects the total foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework, and not funds allocated or sold by the CBN.

The apex bank’s spokesperson, Mrs. Hakama Sidi Ali, explained that since the unification of exchange rates in 2023, the NFEM has been operating as a market-driven system, where foreign exchange is sourced and supplied by market participants rather than allocated by the apex bank.

“Accordingly, the bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” Sidi Ali stated.

She further noted that the figures cited in the report merely capture the aggregate utilisation by authorised dealers and end-users who independently sourced forex through the market in line with existing regulations.

Sidi Ali stressed that the transactions were legitimate market operations, not instances of direct CBN intervention in the oil sector.

The spokesperson reaffirmed the CBN’s commitment to maintaining a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and strengthens confidence in Nigeria’s financial system.