The Central Bank of Nigeria (CBN) has clarified reports regarding the $1.25 billion oil sector import bill recorded in the first quarter of 2025, stating that the amount should not be misconstrued as part of the bank’s direct foreign exchange (FX) intervention.
In a statement released on Tuesday by its Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank explained that the figure represents commercial transactions carried out by oil marketers through authorized dealer banks and not funds directly disbursed by the CBN.
“The $1.25 billion referenced in recent media reports relates to oil sector import transactions processed through the official market during the first quarter of 2025,” the statement read. “It does not constitute a direct FX intervention or subsidy from the Central Bank.”
The clarification comes amid public speculation that the CBN had resumed targeted support for fuel importers, following the reported rise in Nigeria’s oil import payments despite the removal of fuel subsidies and efforts to boost domestic refining.
According to the apex bank, its role remains that of regulator and facilitator of transparent FX transactions, ensuring that all dollar inflows and outflows adhere to due process and market principles under the Foreign Exchange Market Reforms (EFEMS).
“The Bank remains committed to maintaining a transparent, market-driven FX regime,” Sidi Ali added. “Our focus is on clearing verified backlogs, stabilizing liquidity, and strengthening confidence in the naira.”
Financial analysts say the clarification was necessary to correct public misconceptions and prevent undue market panic.
“This shows the CBN is distancing itself from any form of indirect subsidy or preferential allocation,” said economic analyst Dr. Uche Eke. “The emphasis is clearly on ensuring that the oil sector, like others, accesses FX through legitimate market mechanisms.”
Nigeria’s import bill for refined petroleum products has continued to weigh heavily on the country’s external reserves, as the nation still relies significantly on imports despite its status as Africa’s leading crude oil producer.
Experts have urged the government to expedite the operationalization of domestic refineries, particularly the Dangote Refinery and state-owned facilities, to reduce the country’s dependence on imported petroleum products.
The CBN reaffirmed that it will continue working with other regulatory agencies and market players to ensure exchange rate stability and support policies aimed at strengthening the real sector.
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