The Central Bank of Nigeria has faulted media reports that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. It described the report to be inaccurate and misleading.

In a statement issued last night by its spokesperson, Mrs Hakama Sidi Ali, it clarified the amount published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, which does not represent CBN disbursements.

It said the figure reflected 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 etatement, “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 explained that the data cited in the report merely captured aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations.

She stressed that these were legitimate market transactions, not instances of direct CBN intervention in the oil sector. The spokesperson assured that the CBN remained committed to a transparent, marketbased foreign exchange regime that promotes efficient price discovery, supports economic stability, and ensures confidence in Nigeria’s financial system.