“CBN Disclaims Reports on $1.259 Billion Forex Disbursement to Oil Sector entirely inaccurate and misleading”- CBN
Oru Leonard
The Central Bank of Nigeria (CBN), has set the record straight on reports suggesting that it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products. According to the CBN, the reports are “entirely inaccurate and misleading.”
The controversy surrounds a recent report citing the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, which showed a $1.259 billion figure. However, the CBN clarified that this figure represents the total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors, not just the oil and gas sector.
The CBN explained that 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’s spokesperson, Mrs. Hakama Sidi Ali, emphasized that the CBN has not sold foreign exchange specifically for the importation of refined petroleum or any other products.
The CBN assured the public that it remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and ensures confidence in Nigeria’s financial system. The bank’s clarification aims to put to rest any misconceptions about its role in the foreign exchange market.
The CBN’s statement serves as a reminder of the importance of accurate reporting and the need to understand the nuances of economic data. As the apex bank reiterates the continued to promotin economic stability and confidence in the financial system, it is essential to rely on credible sources of information and avoid spreading misinformation.
