CBN Dismisses Reports of $1.2 Billion Fuel Import Payment

By Diafa Doubra,

The Central Bank of Nigeria (CBN) has denied reports claiming that it disbursed $1.259 billion for the importation of petroleum products. The apex bank described the report as false and misleading, saying no such payment was made to any company or individual for that purpose.

In a statement released by its Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN emphasized that the alleged transaction did not occur under the current management. She clarified that all foreign exchange dealings by the Bank follow strict verification and approval procedures, ensuring transparency and accountability in line with regulatory standards.

The CBN urged media outlets to verify information before publication to avoid spreading misinformation capable of undermining public confidence in the financial system. The Bank reaffirmed its commitment to maintaining stability in Nigeria’s foreign exchange market and ensuring responsible fiscal management.