CBN Denies Disbursing $1.259bn for Petroleum Imports

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has dismissed reports suggesting it disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing the claims as inaccurate and misleading.

In a statement on Tuesday night, the Bank clarified that the figure referenced, as published in its Q1 2025 Sectoral Utilisation of Foreign Exchange report does not represent CBN disbursements.

The apex bank said Instead, it reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

According to the Bank’s spokesperson, Hakama Sidi Ali, since the unification of exchange rates in 2023, the NFEM has functioned as a market-driven system, where forex 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 stated.

Sidi Ali explained that the data cited only captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in line with existing regulations.

She emphasized that these are legitimate market transactions, not instances of direct CBN intervention in the oil sector.