The Central Bank of Nigeria (CBN) has denied reports that it allocated $1.259 billion to major oil‑sector operators for the importation of refined petroleum products and related items. The figure in question, published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, represents total foreign‑exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors, including oil and gas.
CBN spokesperson Mrs. Hakama Sidi Ali clarified that the amount does not reflect direct disbursements by the bank. Since the unification of exchange rates in 2023, the NFEM has operated as a market‑driven system in which foreign exchange is sourced and supplied by market participants, not allocated by the CBN. The bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products.
The data captures aggregate utilisation by authorised dealers and end‑users who independently sourced foreign exchange through the market, in full compliance with existing regulations. This signifies legitimate market transactions rather than direct CBN intervention in the oil sector.
The CBN remains committed to a transparent, market‑based foreign‑exchange regime that promotes efficient price discovery, supports economic stability, and fosters confidence. Its denial comes as Nigeria continues to navigate foreign‑exchange management, emphasizing a market‑driven approach aimed at promoting stability and trust.
The clarification reinforces the CBN’s position on its role in the foreign‑exchange market. The bank’s actions and policies directly impact the country’s economy, and its commitment to transparency and accountability is essential for maintaining trust in the financial system. As Nigeria works to recover from the COVID‑19 pandemic and other global challenges, the CBN’s foreign‑exchange management policies remain crucial. The bank’s role will continue to be closely watched, and its dedication to openness will be vital for sustaining confidence in the financial system.
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