The Central Bank of Nigeria (CBN) has refuted claims of misusing foreign exchange in the oil and gas sector, stating that recent media reports are inaccurate and lack factual basis.
A statement on Tuesday, by the apex bank clarified that all forex allocations to the sector were transparently managed and in strict compliance with due process.
It stressed that recent insinuations implying irregularities were based on misinterpretations of publicly available data.
“The Central Bank wishes to state unequivocally that reports alleging misuse of foreign exchange in the oil and gas industry are inaccurate and do not reflect the actual position,” the statement read.
According to the statement, all transactions related to forex for crude oil importation, refined products, and associated services are subject to rigorous documentation, monitoring, and verification to ensure full accountability.
“The Bank operates within a robust regulatory framework designed to promote transparency in forex disbursement. Every allocation passes through established compliance channels in line with international best practices,” the statement added.
It observed that the misunderstanding likely arose from a misreading of figures published in recent reports, noting that forex utilization data should not be conflated with allocations or disbursements for other purposes.
The apex bank reiterated its commitment to maintaining transparency in forex management, particularly in sectors critical to national economic stability, such as oil and gas.
“CBN remains committed to ensuring that forex is used solely for legitimate, productive purposes that contribute to national growth and energy security. We urge the public and media to rely on verified information from official channels to avoid unnecessary speculation,” the statement added.
