CBN denies allocating $1.3 billion for fuel importation, labels reports “misleading”

In a statement signed by Mrs Hakama Sidi Ali, CBN spokesperson, the bank clarified that the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange Report did not represent direct allocations from the CBN.

“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 statement read.

The CBN explained that the amount cited represented aggregate foreign exchange transactions carried out by market participants under the Nigerian Foreign Exchange Market (NFEM).

According to 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.”

She added that the figures reflected authorised dealer and end-user transactions, conducted within existing regulations and under the “willing buyer, willing seller” framework.

No Special Forex for Petroleum Imports

The CBN stressed that it has not sold foreign exchange specifically for petroleum imports or any other product category.

Ali reaffirmed the bank’s commitment to maintaining a transparent and market-based foreign exchange regime that supports economic stability and public confidence.

“Those were legitimate market transactions, not instances of direct CBN intervention in the oil sector,” she said.

Commitment to Stability

The apex bank reiterated its focus on ensuring efficient price discovery and strengthening confidence in Nigeria’s financial system amid continuing currency reforms.