The Central Bank of Nigeria says it released a total sum of $1.25 billion to oil sector operators for the importation of petroleum products and other related items into the country between January and September 2024.
This is despite the removal of fuel subsidies and the implementation of reforms in the oil sector to boost local production.
The $1.25bn is 40 per cent higher than the $891m released by the apex bank to dealers during the same period in 2023.
The amount released within the first nine months of 2024 is against the backdrop of the insistence of marketers to continue fuel imports despite the availability of petrol from the Dangote refinery.
Fuel imports, a significant consumer of foreign exchange, impact the country’s foreign reserves and the naira to dollar rate.
The CBN also indicated that 19 sectors and services seeking to do importation and other forex-related activities received $18.78bn forex allocation within the same period.
