Picnews
The Central Bank of Nigeria (CBN) has denied disbursing $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items. According to the CBN spokesperson, Hakama Sidi-Ali, the report is “entirely inaccurate and misleading”
. The CBN explained that the $1.25 billion figure cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report represents the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework, not direct CBN disbursements.
The bank further clarified that 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. This means the CBN doesn’t directly allocate foreign exchange for specific products like petrol. Instead, market forces determine the supply and demand for foreign exchange, and transactions are conducted based on this framework.
The CBN’s denial of the report has brought clarity to the situation, and the bank has reiterated its commitment to transparency and accountability in its operations. The clarification is expected to help alleviate concerns about the use of foreign exchange for petrol importation and provide a clearer understanding of the CBN’s role in the foreign exchange market.
