By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN) has refuted some misrepresentation in a media report that falsely implied that the apex Bank disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items.
A statement by the Bank’s Ag. Director, Corporate Communication, Hakama Sidi-Ali, described the report as “entirely inaccurate and misleading.”
According to the CBN, the referenced figure of $1.259 billion, as published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange (FX) data, does not represent CBN disbursements.
It said the figure reflects total FX transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework.
Mrs Sidi-Ali was quoted as saying: “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 data cited in the report merely captured aggregate utilisation by authorised dealers and end-users who independently sourced FX through the market, in full compliance with existing regulations. She stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.
The spokesperson assured that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and ensures confidence in Nigeria’s financial system.
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.
