By Ayo Kehinde
The Central Bank of Nigeria (CBN) has denied reports that it disbursed $1.259 billion to major oil operators for the importation of refined petroleum products, describing the claims as false and misleading.
In a statement issued on Tuesday, the apex bank clarified that Nigeria’s foreign exchange market operates on a market-driven basis and not through CBN allocations.
It explained that the figure cited in some media reports was taken from its Q1 2025 Sectoral Utilisation of Foreign Exchange report, but does not represent any disbursement or direct forex sale by the Bank.
According to the CBN, the amount merely reflects total forex transactions conducted by market participants — including those in the oil and gas industry — under the “willing buyer, willing seller” framework.
CBN spokesperson, Mrs. Hakama Sidi Ali, stressed that since the unification of exchange rates in 2023, the market has operated as a demand-driven system, where forex is sourced and supplied by participants, not allocated by the CBN.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum or any other products,” she said, adding that the misinterpretation of data could mislead the public about the CBN’s role in forex management.
She further explained that the reported figure represents aggregate utilisation by authorised dealers and end-users who independently sourced forex through legitimate market channels, in line with regulatory standards.
Reaffirming the Bank’s commitment to transparency and stability, Mrs. Sidi Ali said the CBN remains focused on sustaining a market-based forex regime that encourages efficient price discovery and investor confidence.
She also urged media organisations to verify information before publication, cautioning that inaccurate reports could misrepresent the CBN’s policies and mislead the public.
