The Central Bank of Nigeria (CBN) has moved to clarify recent reports regarding foreign exchange (FX) utilization, dismissing suggestions that it directly disbursed $1.259 billion to oil sector operators for the importation of refined petroleum products.

The CBN, through its spokesperson, Mrs. Hakama Sidi Ali, described the claims as “inaccurate and misleading.”

She clarified that the figure, referenced in the Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent direct CBN intervention but rather the total FX transactions conducted by all participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” Sidi Ali explained.

She emphasized the bank’s commitment to maintaining a transparent and market-based FX regime.