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By Daniel Adaji
The Central Bank of Nigeria (CBN) has denied reports that it disbursed $1.26 billion to major oil companies for the importation of refined petroleum products and related items, describing such claims as “entirely inaccurate and misleading.”
The clarification followed a report by a media organisation on Monday which claimed that “The Central Bank of Nigeria (CBN) disbursed a total of $1.25 billion for importation purposes in the oil and gas sector during the first quarter of 2025, according to the Bank’s latest quarterly report.”
According to the CBN, the referenced figure reflects total foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market (NFEM) across several sectors — including oil and gas — under the willing buyer, willing seller framework.
The Bank’s spokesperson, Mrs. Hakama Sidi Ali, explained that since the unification of exchange rates in 2023, the NFEM has functioned as a market-driven platform where participants independently source and supply foreign exchange without direct allocation from the CBN.
“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 said.
Ali further clarified that the figures cited in the report merely capture aggregate forex utilisation by authorised dealers and end-users who independently sourced funds through legitimate market transactions in full compliance with existing regulations.
She noted that these are routine market activities and not cases of direct intervention by the CBN in the oil sector.
The spokesperson also reaffirmed the apex bank’s commitment to maintaining transparency and credibility in Nigeria’s foreign exchange market.
She assured that the Bank will continue to uphold a market-based forex regime that fosters efficient price discovery, economic stability, and confidence in the country’s financial system.