The Central Bank of Nigeria (CBN) has refuted claims that it disbursed $1.25 billion to oil sector operators for importing refined petroleum products in the first quarter of 2025.
Reports emerged on Monday alleging the apex bank released the funds for oil and gas imports between January and March 2025.
In a swift rebuttal on Tuesday, the CBN dismissed the reports as “entirely inaccurate and misleading”.
The bank clarified that the $1.25 billion figure, quoted from its Q1 2025 Sectoral Utilisation of Foreign Exchange report, does not reflect direct CBN payments.
Instead, it represents the total value of foreign exchange transactions carried out by market participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller model.
Hakama Sidi-Ali, Acting Director of Corporate Communications, stated that the CBN has not allocated forex since the exchange rate unification in 2023.
“The NFEM operates as a market-driven system where FX is sourced and supplied by authorised dealers and end-users, not allocated by the CBN,” she said.
She stressed that no foreign exchange was sold by the bank specifically for refined petroleum imports or any other products.
The reported transactions, she added, were legitimate market activities conducted independently by participants in line with regulations.
The CBN reaffirmed its commitment to a transparent, market-based FX system that promotes price discovery, economic stability, and investor confidence.
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