The Central Bank of Nigeria (CBN) has denied reports claiming it disbursed $1.25 billion to oil companies for importing refined petroleum products.
In a statement on Tuesday, CBN spokesperson Hakama Sidi Ali called the reports “entirely inaccurate and misleading.” She explained that the figure cited in the bank’s Q1 2025 Sectoral Utilisation of Foreign Exchange report represents the total value of FX transactions in the market—not funds allocated by the CBN.
Sidi Ali clarified that since the unification of exchange rates in 2023, the Nigerian Foreign Exchange Market has been fully market-driven, operating under a “willing buyer, willing seller” framework. “The Bank has not sold foreign exchange specifically for importing refined petroleum or any other products,” she said.
She added that the transactions referenced were conducted by authorised dealers and end-users who sourced FX independently, not through CBN intervention.
The CBN reaffirmed its commitment to a transparent, market-based foreign exchange system that promotes stability and confidence in Nigeria’s economy.
