The Central Bank of Nigeria has dismissed reports claiming it disbursed $1.259 billion to big oil companies for importing fuel and other petroleum products. According to the apex bank, the report is false and misleading.

In a statement released by the bank’s spokesperson, Hakama Sidi Ali, the CBN clarified that the quoted $1.259 billion figure seen in its Q1 2025 foreign exchange report is not money given out by the bank. Instead, the figure represents total forex transactions carried out by buyers and sellers in the open market under the willing buyer, willing seller system.

Sidi Ali explained that since exchange rate unification in 2023, Nigeria’s forex market has been operating freely. This means companies source foreign exchange from the market and not directly from the CBN. She stressed that the CBN has not sold forex specifically for fuel importation or any other product since the policy shift.

She added that the data quoted in media reports simply reflects market activities — forex bought and used by authorised dealers and businesses in line with regulations — not CBN intervention.

The bank reassured Nigerians that it remains committed to transparency and a fully market-driven forex system that builds economic confidence and supports long-term stability.