The Central Bank of Nigeria (CBN) has dismissed reports claiming that it allocated $1.269 billion in foreign exchange for the importation of petroleum products in the first quarter of 2025, describing them as misleading and inaccurate.
In a statement issued yesterday, the apex bank clarified that the figure cited in the reports was misinterpreted. According to the CBN, the $1.259 billion referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange report does not represent funds disbursed by the Bank but reflects total market transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) under the “willing buyer, willing seller” system.
The Bank’s spokesperson, Mrs. Hakama Sidi Ali, explained that since the unification of exchange rates in 2023, the foreign exchange market has operated as a market-driven system, with FX 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 or any other products,” she stated.
Sidi Ali further noted that the data cited in the reports merely capture 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 were legitimate market transactions and not evidence of direct CBN intervention in the oil sector.
The spokesperson reaffirmed the Bank’s commitment to maintaining a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and strengthens confidence in Nigeria’s financial system.
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