The Central Bank of Nigeria has denied claims that it disbursed $1.259bn to oil sector operators, clarifying that the funds reflected in its records were market-driven transactions conducted by participants in the Nigerian Foreign Exchange Market.
In a statement on Tuesday, the apex bank described as “inaccurate and misleading” reports implying that it sold foreign exchange directly to major oil marketers for the importation of refined petroleum products and related items.
According to the bank, the figure cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange data merely represented the total foreign exchange traded within the market under the willing buyer, willing seller framework.
The statement read, “The Central Bank of Nigeria has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading.
“The bank noted that the referenced figure of US$1.259 billion, as published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.
“It said the figure reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market across various sectors, including oil and gas, under the willing buyer, willing seller framework.”
CBN spokesperson, Hakama Ali, explained that since the unification of exchange rates in 2023, the Nigerian Foreign Exchange Market had operated as a market-driven platform where forex was sourced and supplied by participants, not allocated by the CBN.
“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 added that the data cited in the report captured aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations.
“These are legitimate market transactions, not instances of direct CBN intervention in the oil sector,” Sidi Ali clarified.
The apex bank reiterated its commitment to maintaining a transparent and market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and builds investor confidence in Nigeria’s financial system.
