The Central Bank of Nigeria has dismissed reports that it disbursed 1.25 billion dollars to oil firms for petroleum imports, clarifying the figure represents independent market transactions under a willing buyer, willing seller framework.
The Central Bank of Nigeria (CBN) has denied disbursing 1.25 billion dollars to major oil sector operators for the importation of refined petroleum products and related items.
Reports circulated on Monday, October 27, claiming CBN disbursed the amount for oil and gas imports in the first quarter of 2025. In a statement issued Tuesday, October 28, the apex bank described the reports as entirely inaccurate and misleading.
CBN explained that the 1.25 billion dollar figure cited in its first quarter 2025 Sectoral Utilisation of Foreign Exchange report does not represent direct disbursements from the bank. According to the institution, the figure reflects the total value of foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.
Hakama Sidi Ali, CBN’s spokesperson, clarified that the bank no longer allocates foreign exchange since the unification of exchange rates in 2023. “Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system,” she said.
Sidi Ali emphasized that foreign exchange is now sourced and supplied by market participants, not allocated by CBN. She stated that the bank has not sold foreign exchange specifically for refined petroleum importation or any other products.
The spokesperson further explained that the data cited represents aggregate utilisation by authorised dealers and end users who sourced foreign exchange independently through the market in compliance with existing regulations. She emphasized that the transactions were legitimate market activities, not direct CBN interventions in the oil sector.
Sidi Ali assured that CBN remains committed to maintaining a transparent and market based foreign exchange system that supports efficient price discovery, economic stability, and confidence in Nigeria’s financial system.
