The Central Bank of Nigeria, CBN, has denied claims that it disbursed $1.259bn to oil sector operators, saying that the funds reflected in its records were market-driven transactions conducted by participants in the Nigerian Foreign Exchange Market.
The CBN spokesperson, Hakama Ali, described the reports as “inaccurate and misleading”, saying that it sold foreign exchange directly to major oil marketers for the importation of refined petroleum products and related items.
She added that the data cited in the report captured aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations.
The CBN further reiterated its commitment to maintaining a transparent and market-based foreign exchange regime, that promotes efficient price discovery, economic stability, and builds investor confidence in Nigeria’s financial system.