CBN: $1.25bn Q1 Oil Import Spending Was Market-Driven, Not Our Direct FX Funding
✅Story: written by Zara October 29,2025
The Central Bank of Nigeria (CBN) has clarified that the $1.25 billion recorded as foreign exchange used for oil-related imports in the first quarter of 2025 did not come from its direct intervention.
CBN’s spokesperson, Hakama Sidi Ali, explained that the figure represents total foreign exchange activities carried out by authorized market participants within the Nigerian Foreign Exchange Market (NFEM), under the willing buyer–willing seller policy.
Sidi Ali noted that since Nigeria unified its exchange rate regime in 2023, the FX market has been operating on a demand-driven structure, where buyers and sellers negotiate rates freely without special allocations from the apex bank.
She stated:
“The published $1.259 billion does not signify that the CBN issued funds for petroleum imports or any other product. It captures aggregate FX utilisation by dealers and end-users who sourced their foreign exchange independently in compliance with market guidelines.”
According to her, the report only reflects the overall utilisation level across oil and gas and other sectors — not CBN financing.
The apex bank reiterated its commitment to maintaining a transparent and market-based foreign exchange system that encourages fair pricing, supports economic stability, and strengthens confidence in the financial sector.
