The Central Bank of Nigeria (CBN) has dismissed reports claiming it disbursed $1.259 billion to oil sector operators, clarifying that the figure represents market-driven foreign exchange transactions, not direct allocations from the apex bank.

In a statement on Tuesday, the CBN described the reports as “inaccurate and misleading,” stressing that it has not sold foreign exchange specifically for the importation of refined petroleum products or any other items.

“The Central Bank of Nigeria 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.

According to the bank, the figure referenced in its Q1 2025 Sectoral Utilisation of Foreign Exchange data merely reflects the total forex transactions executed by participants in the Nigerian Foreign Exchange Market (NFEM) under the willing buyer, willing seller framework.

CBN spokesperson Hakama Sidi Ali explained that since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system where forex is sourced and supplied by market participants rather than allocated by the apex bank.

“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,” she said.

She added that the data cited in the report captured aggregate utilisation by authorised dealers and end-users who independently sourced forex through legitimate market transactions.

“These are legitimate market transactions, not instances of direct CBN intervention in the oil sector,” Sidi Ali clarified.

The CBN reaffirmed its commitment to maintaining a transparent and market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and enhances investor confidence in Nigeria’s financial system.