CBN dismisses reports claiming $1.26bn forex allocation to oil firms

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.