CBN Denies Disbursing $1.25bn to Oil Firms for Importation of Petroleum

The Central Bank of Nigeria (CBN) has refuted claims that it released $1.25 billion to oil companies for the importation of refined petroleum products and other related items. This denial follows reports that circulated on Monday, alleging that the apex bank had made the disbursement during the first quarter (Q1) of 2025.

The Central Bank of Nigeria, in a statement issued on Tuesday, described the reports as “entirely inaccurate and misleading.” The statement clarified that no such payments were made to any major oil sector operators, adding that the figures quoted in the reports were fabricated and not supported by any verifiable transaction records.

The Central Bank of Nigeria reaffirmed its commitment to maintaining transparency in foreign exchange management, stressing that all disbursements are made in accordance with due process and national interest. It urged members of the public and the media to verify information through official CBN channels before publication to avoid misinformation capable of undermining public confidence in the financial system.

CBN Reiterates Commitment to Transparency and Stability in the Forex Market

The Central Bank of Nigeria emphasized that its operations within the oil and gas sector remain guided by clearly defined policies aimed at ensuring market stability and accountability. It noted that the foreign exchange market is closely monitored to prevent distortions that could arise from false reporting or speculative narratives.

The Central Bank of Nigeria also highlighted ongoing reforms under the current administration to streamline forex allocation and reduce import dependency. According to the apex bank, strategic interventions in the energy and manufacturing sectors are targeted at strengthening the nation’s external reserves while ensuring adequate supply of petroleum products through legitimate and verifiable channels.

The Central Bank of Nigeria reaffirmed that it will continue to support government efforts to enhance energy security and maintain stability in the economy. It also reiterated its readiness to collaborate with regulatory agencies, oil marketers, and the media to ensure factual dissemination of financial and economic information.

CBN Warns Against Misleading Economic Narratives

The Central Bank of Nigeria warned that misleading economic narratives could have far-reaching consequences for investor confidence and exchange rate stability. It noted that misinformation not only distorts public perception but also poses risks to the ongoing reforms designed to improve liquidity and confidence in the naira.

The Central Bank of Nigeria called on stakeholders in the media and financial sectors to uphold the highest standards of accuracy and responsibility in reporting economic data. It assured Nigerians that all legitimate forex transactions are verifiable and processed through transparent mechanisms in line with international best practices.

The Central Bank of Nigeria concluded by reaffirming its focus on ensuring macroeconomic stability, promoting sustainable growth, and protecting the integrity of Nigeria’s financial system.