CBN refutes $1.26bn oil import disbursement claim

Barbara Bako, Abuja.

The Central Bank of Nigeria (CBN) has dismissed reports suggesting it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing the claims as inaccurate and misleading.

The Bank clarified that the figure, published in its Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.

It said the amount reflects total foreign exchange transactions 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 CBN’s spokesperson, Mrs. Hakama Sidi Ali, “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.”

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She explained that the data cited in the report captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market in line with existing regulations.

These, she stressed, are legitimate market transactions, not direct CBN interventions in the oil sector.

Mrs. Sidi Ali reaffirmed the Bank’s commitment to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and sustains confidence in Nigeria’s financial system.