The Central Bank of Nigeria (CBN) has dismissed media reports claiming it allocated $1.26 billion to major oil companies for the importation of refined petroleum products and related goods.
In a statement on Wednesday, the CBN described the reports as false and misleading, clarifying that the amount cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report represents total forex transactions by market participants — not direct allocations from the Bank.
CBN spokesperson, Hakama Sidi Ali, explained that following the 2023 exchange rate unification, Nigeria’s forex market has operated under a willing buyer, willing seller model, where participants independently source and trade foreign exchange without CBN intervention.
She noted that the data in question only reflects aggregate forex utilisation by authorised dealers and end-users in compliance with market regulations.
Sidi Ali reaffirmed the apex bank’s commitment to a transparent, market-driven foreign exchange system aimed at promoting price stability and economic confidence.
