{"id":123373,"date":"2025-10-29T08:37:50","date_gmt":"2025-10-29T07:37:50","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=123373"},"modified":"2025-10-29T08:37:50","modified_gmt":"2025-10-29T07:37:50","slug":"cbn-denies-disbursing-1-26bn-forex-to-oil-firms","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/cbn-denies-disbursing-1-26bn-forex-to-oil-firms\/","title":{"rendered":"\u200eCBN Denies Disbursing $1.26bn Forex to Oil Firms"},"content":{"rendered":"<div id=\"m#msg-f:1847297660343853234\" class=\"mail-message expanded\">\n<div id=\"m#msg-f:1847297660343853234-header\" class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Daniel Adaji<\/div>\n<div id=\"m#msg-f:1847297660343853234-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eThe 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 \u201centirely inaccurate and misleading.\u201d<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eThe clarification followed a report by a media organisation on Monday which claimed that \u201cThe 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\u2019s latest quarterly report.\u201d<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eAccording 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 \u2014 including oil and gas \u2014 under the willing buyer, willing seller framework.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eThe Bank\u2019s 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.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200e\u201cSince 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,\u201d she said.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eAli 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.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eShe noted that these are routine market activities and not cases of direct intervention by the CBN in the oil sector.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eThe spokesperson also reaffirmed the apex bank\u2019s commitment to maintaining transparency and credibility in Nigeria\u2019s foreign exchange market.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<div style=\"text-align: justify;\">\u200eShe 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\u2019s financial system.<\/div>\n<div style=\"text-align: justify;\">\u200e<\/div>\n<\/div>\n<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Daniel Adaji \u200e \u200eThe 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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-123373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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