The Central Bank of Nigeria (CBN) has dismissed reports suggesting it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such claims as inaccurate and misleading.
In a statement on Tuesday, the Bank clarified that the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange data does not represent direct CBN disbursements.
Instead, it reflects the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
According to the Bank’s spokesperson, Mrs. Hakama Sidi Ali: “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.”
She explained that the figure of $1.259 billion merely represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in compliance with existing regulations.
“The data cited in the report only captures legitimate market transactions and does not reflect any form of direct CBN intervention in the oil sector,” she stated.
Ali noted that the willing buyer, willing seller system allows for transparency and fair price discovery in the foreign exchange market, reinforcing the CBN’s commitment to maintaining a market-based framework.
She further assured the public that the Central Bank remains committed to transparency and stability in Nigeria’s financial system
(The Nation)
