THE Central Bank of Nigeria has refused a media report claiming that it disbursed $1.259 billion to oil marketers to import refined petroleum products, noting that the story was misleading.
In a statement seen by Economy Post on Tuesday, the CBN said such reporting was entirely inaccurate and misleading. The bank noted that the referenced figure of $1.259 billion, as published in the CBN’s first quarter (Q1) 2025 Sectoral Utilisation of Foreign Exchange data, did not represent CBN disbursements.
The Punch had reported that the CBN released a total sum of $1.259bn to oil sector players for the importation of petroleum products and other related items into the country.
“The amount released between the first three months of 2025 is against the backdrop of the insistence of marketers to continue fuel import despite the availability of petrol from Dangote Refinery,” the newspaper reported, noting that between January and March 2025, a total of 2.28 billion litres of petrol were imported despite improved refined output from Dangote Petroleum Refinery.
But the apex bank said this report was false and untrue. “The figure reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework,” said bank’s spokesperson, Ms Hakama Sidi Ali.
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“Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accordingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
She explained that the data cited in the report merely captured aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market – in full compliance with existing regulations. She stressed that
these were legitimate market transactions, not instances of direct CBN intervention in the oil sector.
The spokesperson assured that the CBN remained committed to a transparent, market-based foreign exchange regime promoting efficient price discovery, supporting economic stability, and ensuring confidence in Nigeria’s financial system.
Naira strengthens further
Meanwhile, the naira appreciated further on Tuesday, rising to an all-time high of N1,448.20/$ in 2025 in the official foreign exchange market. This marks a N4.59 gain from N1,452.79/$ reported on Monday.
Financial experts ascribe the naira gain to lower demand and foreign exchange reformed carried out by the CBN in the last two years. Dangote Petroleum Refinery, which has ramped up production, has also reduced pressure on FX market for dollars to import petrol, analysts say.
Naira vs 10 currencies
Economy Post had earlier compared Nigeria’s currency to 9 others, revealing that the naira was stronger than several currencies in the world, including the Vietnamese dong. Dong exchanges for N1 at VND 17.535. But one United States dollar can buy products worth 26,455 VND in Vietnam as against goods worth N1,497 in Nigeria. Experts say Vietman deliberately sets its curency at low rates to export more of its products.
“SBV is likely to allow the dong to gradually weaken over time, hopefully in a orderly fashion,” said a currency strategist at MUFG Bank in Singapore, Mr Michael Wan, as quoted by Business Times. “But it wouldn’t want the weakness to be too sharp, and it will definitely be ready to intervene to prevent that.”
The naira is stronger than the currency used by the people of Lao People’s Democratic Republic known as the Laotian Kip (LAK). One naira exchanges for 14.49 LAK, with one dollar swapping for 21,681.02 LAK.
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Indonesia rupiah exchanges for N0.091 but goes for 16,401.67 IDR to a dollar. Analysis further shows that one naira can buy 8.61 Syrian pound (SYP). A dollar exchanges for 11,530 SYP as against naira’s 1,497. Similarly, N1 exchanges for 8.25 Uzbekistani Som (UZS) as against 12,350.22 UZS to a dollar. On the other hand, the Nigerian currency exchanges for 8.50 Guinea Franc(GNF), but the dollar exchanges for 8,676.04 GNF.
More so, 1 Nigerian currency can buy goods worth 4.77 Paraguayan guarani (PYG) but a dollar can buy goods valued at 7,108 PYG. Counterfeiting has been a major problem of the currency. Its people are still poor, though the poverty rate has declined in the last decade.
Furthermore, Madagascar uses Malagasy Ariary (MGA), which exchanges for 2.94 MGA to 1 naira. A stronger dollar can buy goods worth 4,405.75 MDG in the African nation.
The Cambodia riel (KHR) exchanges for 2.68 to N1 and 4,008.29 KHR to a dollar. Also, the Congolese Franc (CDF) can be swapped for N1.91 as against 2,876.21 CDF to a dollar. Cambodia uses the dollar to make major purchases, which is hurting its local currency, making it a partially dollarised nation. Wages are even paid in US dollars, hurting the economy.
