CBN Denies $1.26bn Oil Forex Allocation, Market Driven by Demand, Not Allocation

The Central Bank of Nigeria (CBN) refutes reports of a $1.26 billion oil forex allocation, asserting that the market operates on demand, not allocation. The CBN clarifies that the reported figures do not represent direct forex sales but total transactions in the market, including oil and gas industries.

CBN spokesperson Hakama Sidi Ali stresses the market's demand-driven nature and urges transparency. The CBN remains focused on sustaining a market-based forex regime to ensure efficient price discovery and investor confidence.