The Central Bank of Nigeria has dismissed reports claiming it disbursed $1.259 billion to major oil sector operators for the importation of refined petroleum products and related items, describing such reports as “entirely inaccurate and misleading.”
The apex bank clarified that the referenced figure reflects the total foreign exchange transactions carried out by participants in the Nigerian Foreign Exchange Market under the willing buyer, willing seller framework, and not funds allocated or sold by the CBN.
“Accordingly, the bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products,” CBN spokesperson Mrs. Hakama Sidi Ali stated.
Sidi Ali stressed that the transactions were legitimate market operations, not instances of direct CBN intervention in the oil sector, and reaffirmed the CBN’s commitment to maintaining a transparent, market-based foreign exchange regime.
