The Central Bank of Nigeria (CBN) has refuted media reports suggesting it disbursed $1.259 billion to major oil sector operators for importing refined petroleum products and related items.
In a statement on Wednesday, the Bank described the reports as false and misleading, clarifying that the figure cited in its Q1 2025 Sectoral Utilisation of Foreign Exchange report represents total foreign exchange transactions conducted by market participants — not CBN allocations.
CBN spokesperson, Hakama Sidi Ali, explained that since the 2023 exchange rate unification, the Nigerian Foreign Exchange Market (NFEM) has functioned under a willing buyer, willing seller arrangement, where forex is sourced and supplied by market players, not the CBN.
She added that the referenced data merely captures aggregate forex utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in line with regulations.
Sidi Ali reaffirmed the Bank’s commitment to maintaining a transparent, market-driven forex regime that fosters price discovery, economic stability, and confidence in Nigeria’s financial system.
The Council of Otunbas in Ijebuland has declared that no law prohibits holders of the…
The Kebbi State Police Command has arrested a man, Hamza Sama, for allegedly running a…
Kaduna State Governor, Uba Sani, has announced plans to construct what he described as the…
Manchester United climbed into fourth place in the Premier League after edging leaders Arsenal in…
Oyo State Governor, Seyi Makinde, has criticised the administration of President Bola Tinubu, saying it…
President Bola Tinubu will depart Abuja on Monday, January 26, 2026, for a state visit…
This website uses cookies.