The Central Bank of Nigeria (CBN) has dismissed reports claiming it allocated $1.269 billion in foreign exchange for petroleum product imports in the first quarter of 2025, calling the story “misleading and inaccurate.”

In a statement, the CBN clarified that the figure cited in the report, drawn from the Bank’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent direct disbursements by the Bank to oil companies. Rather, it reflects the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors, including oil and gas, under the willing buyer, willing seller framework.

Mrs. Hakama Sidi Ali, the Bank’s spokesperson, explained: “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. The Bank has not sold foreign exchange specifically for the importation of petroleum products or any other goods.”

She emphasized that the data merely captures legitimate market transactions conducted by authorised dealers and end-users in full compliance with regulations. The CBN reaffirmed its commitment to a transparent, market-based foreign exchange regime that promotes efficient price discovery, economic stability, and confidence in Nigeria’s financial system.