CBN Refutes Claims of $1.25 Billion Allocation for Fuel Imports

The Central Bank of Nigeria (CBN) has dismissed reports that it allocated $1.25 billion for the importation of petroleum products, calling the claim “entirely false and misleading.”

In a statement issued in Abuja, the Bank clarified that the amount being circulated in the media represents overall foreign exchange market transactions, not funds disbursed by the CBN for fuel imports.

According to the Bank, all legitimate FX transactions pass through approved dealers and market platforms in line with Nigeria’s unified foreign exchange policy.

It emphasised that the CBN no longer allocates dollars directly for the importation of petroleum products following the liberalisation of the downstream sector.

The apex bank warned against misinformation that could cause unnecessary panic in the currency market, stressing that transparency remains central to its current FX reforms.

It reiterated its commitment to maintaining price stability and ensuring that genuine importers and exporters can access foreign exchange through proper channels.

Analysts say the clarification was timely, as the false report had triggered confusion among traders and speculators who feared a return to state-backed fuel imports. By swiftly addressing the rumour, the CBN reaffirmed its focus on market-driven exchange rate management and on eliminating arbitrary interventions.

The statement also urged the public to rely on verified information from official sources to prevent the spread of unsubstantiated economic claims that could distort investor sentiment and market stability.