The Central Bank of Nigeria (CBN) has strongly rejected claims that it released $1.269 billion in foreign currency to oil marketers for refined petroleum imports during the first quarter of 2025, labeling the assertion as “misleading and inaccurate.”
In an official statement issued Tuesday, the apex bank clarified that the figure—drawn from its Q1 2025 sectoral foreign exchange utilization report—reflects total market transactions, not direct CBN disbursements.
“The amount of US$1.259 billion cited in media reports does not represent any allocation or sale of foreign exchange by the CBN,” the statement read. “It is the aggregate value of forex trades executed across multiple sectors, including oil and gas, within the Nigerian Foreign Exchange Market (NFEM).”
Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that since the 2023 exchange rate unification, the NFEM operates on a willing-buyer, willing-seller model. Authorized dealers and end-users source dollars independently from the market, without central bank intervention.
“The CBN has not sold foreign exchange for the importation of refined petroleum products or any specific commodity,” she stressed. “All recorded transactions were legitimate, market-driven activities conducted in full compliance with regulations.”
The bank reaffirmed its commitment to a transparent, market-led forex regime that fosters fair pricing, economic stability, and investor confidence.
