CBN Clarifies $1.259bn Forex Data, Denies Direct Disbursement to Oil Importers
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has debunked reports suggesting that the Bank directly disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. The Bank described such reporting as “entirely inaccurate and misleading.”
The CBN clarified that the referenced figure of US$1.259 billion, published in the Bank’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.
Instead, the apex bank said it reflects the 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, the market has been operating as a decentralized system since the unification of exchange rates.
“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 said.
She explained that the data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations.
Mrs. Ali stressed that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.
The spokesperson gave assurance 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.
