CBN denies disbursing $1.25 billion for oil, gas Imports
The Central Bank of Nigeria (CBN) has refuted reports claiming it disbursed $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items.
The clarification followed media reports on Monday alleging that the apex bank released the funds during the first quarter (Q1) of 2025.
In a statement issued on Tuesday, the CBN described the reports as “entirely inaccurate and misleading.” It explained that the figure of $1.25 billion, cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report, does not represent direct disbursements from the Bank.
According to the CBN, the figure instead reflects the total value of foreign exchange transactions executed by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
Hakama Sidi-Ali, the CBN’s spokesperson, clarified that the Bank no longer allocates foreign exchange following the unification of exchange rates in 2023.
“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,” she said.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
Sidi-Ali further noted that the data referenced in the report represents aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in line with existing regulations.
She emphasised that the transactions were legitimate market activities rather than direct CBN interventions in the oil sector.
The spokesperson reaffirmed the CBN’s commitment to maintaining a transparent and market-based foreign exchange system that supports efficient price discovery, economic stability, and confidence in Nigeria’s financial system.
