{"id":77686,"date":"2025-10-29T08:52:57","date_gmt":"2025-10-29T08:52:57","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=77686"},"modified":"2025-10-29T08:52:57","modified_gmt":"2025-10-29T08:52:57","slug":"cbn-denies-allocating-1-259bn-for-fuel-imports","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/10\/29\/cbn-denies-allocating-1-259bn-for-fuel-imports\/","title":{"rendered":"CBN Denies Allocating $1.259bn for Fuel Imports"},"content":{"rendered":"<p><strong>By Sarah Sam Adda<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The Central Bank of Nigeria (CBN) has dismissed reports claiming it allocated $1.259 billion for the importation of petroleum products in the first quarter of 2025.<\/p>\n<p>In a statement, CBN described the report as \u201cinaccurate and misleading,\u201d clarifying that the referenced amount did not represent funds disbursed by the Bank to oil sector operators.<\/p>\n<p>According to the apex bank, the figure originated from its Q1 2025 Sectoral Utilisation of Foreign Exchange data and reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across multiple sectors, including oil and gas.<\/p>\n<p>CBN spokesperson, Mrs. Hakama Sidi Ali, explained that since the 2023 exchange rate unification, the NFEM has operated on a market-driven, willing buyer\u2013willing seller basis, where foreign exchange is sourced and supplied by market participants\u2014not allocated by the CBN.<\/p>\n<p>She added that the reported data only captures aggregate FX utilisation by authorised dealers and end-users who independently sourced funds in line with regulations, stressing that these were regular market transactions rather than CBN intervention in the oil sector.<\/p>\n<p>Ali reaffirmed the Bank\u2019s commitment to a transparent and market-based FX system that supports price discovery, economic stability, and confidence in the country\u2019s financial\u00a0system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Sarah Sam Adda &nbsp; The Central Bank of Nigeria (CBN) has dismissed reports claiming it allocated $1.259 billion for the importation of petroleum products in the first quarter of 2025. In a statement, CBN described the report as \u201cinaccurate and misleading,\u201d clarifying that the referenced amount did not represent funds disbursed by the Bank [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":77687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1718,172],"tags":[],"class_list":["post-77686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/77686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=77686"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/77686\/revisions"}],"predecessor-version":[{"id":77688,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/77686\/revisions\/77688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/77687"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=77686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=77686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=77686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}