The Central Bank of Nigeria (CBN) has dismissed recent media reports suggesting the misapplication of foreign exchange (forex) in the oil and gas sector, describing them as misleading and inconsistent with verifiable facts.
In a statement issued on Tuesday, 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 CBN, 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.
