The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading.
The Bank noted that the referenced figure of US$1.259 billion, as published in the
CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent
CBN disbursements.
It said the figure reflects total foreign exchange 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.
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 explainedthat thedata citedin thereport merelycaptures aggregate utilisation by
authorised dealers and end-users who independently sourced foreign exchange
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.
