CBN Dismisses Report Claiming It Allocated $1.25bn for Fuel Importation

The Central Bank of Nigeria (CBN) has denied reports alleging that it allocated $1.259 billion in foreign exchange for the importation of petroleum products during the first quarter of 2025.

In a statement issued on Tuesday, the apex bank described the claim as false and misleading, clarifying that the figure cited did not represent funds disbursed by the CBN.

“The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading,” the statement read.

The bank explained that the $1.259 billion referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange report reflected foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) — not direct CBN allocations.

According to CBN spokesperson, Mrs. Hakama Sidi Ali, the figure represents total transactions across multiple sectors, including oil and gas, conducted under the willing buyer, willing seller framework.

“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,” Ali explained.
“Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”

She noted that the data merely captured the aggregate utilisation of foreign exchange by authorised dealers and end-users who independently sourced dollars through the market in compliance with existing regulations.

Ali emphasised that these were legitimate market transactions, 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 system that supports price discovery, economic stability, and confidence in Nigeria’s financial system.

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