The Central Bank of Nigeria (CBN) has clarified that the $1.25 billion spent on oil sector imports in the first quarter of 2025 was not a direct intervention from the apex bank but transactions carried out through authorized dealers within the foreign exchange market.
The clarification followed reports suggesting that the CBN directly financed the oil import bill to stabilize the naira and support fuel availability. In a statement issued on Tuesday, the Bank said the figure represented total market transactions in the oil sector, not CBN-funded allocations.
“The $1.25 billion oil sector import bill for Q1 2025 was sourced through market operations and not via any direct intervention by the Central Bank,” the statement read. “This clarification is essential to ensure transparency and maintain accurate public understanding of our role in foreign exchange management.”
According to the CBN, the Nigerian foreign exchange market now operates largely on a willing-buyer, willing-seller basis, allowing importers and authorized dealers to transact freely. The Bank reaffirmed its commitment to transparency through the Electronic Foreign Exchange Matching System (EFEMS) introduced in December 2024, which enables real-time matching of buyers and sellers.
Recent foreign exchange reforms, including EFEMS and the unification of exchange windows, have strengthened market transparency and contributed to a more stable naira. The CBN also emphasized that its reserves would be used only for strategic interventions, not regular commercial imports.
Observers note that the Bank’s position aligns with the Federal Government’s broader goal of achieving a $1 trillion economy by 2030 through fiscal discipline, reduced interventionism, and private-sector-led growth.
Stakeholders in the downstream oil sector have also welcomed the clarification, describing it as a step toward a more transparent and competitive market structure.
