CBN Releases $1.26 Billion to Oil Sector Operators to Stabilize Fuel Supply and Support the Naira
The Central Bank of Nigeria (CBN) has disbursed $1.259 billion to major oil sector operators to facilitate the importation of petroleum products and related items, as part of efforts to stabilize fuel supply and strengthen the naira.
According to reports confirmed by The Punch and supported by CBN data, the move comes amid rising pressure in Nigeria’s foreign exchange market and concerns over volatility in fuel pricing and distribution.
Industry sources said the intervention underscores the apex bank’s recognition of the oil and gas sector as the backbone of the economy and aligns with its monetary policy goal of promoting growth through targeted forex support for strategic industries.
A senior CBN official disclosed that the funds were released to “support petroleum marketers, refiners, and other legitimate importers of fuel and related products.” The disbursement covers transactions involving petrol, diesel, aviation fuel, and gas, as well as payments for critical logistics and infrastructure materials.
The move follows renewed depreciation of the naira, which has traded between ₦1,550 and ₦1,650 per dollar in the official market. Forex shortages have disrupted imports and supply chains across sectors, prompting the CBN to intervene in the energy sector to ease one of the biggest sources of forex demand—fuel importation.
Energy economist Dr. Bala Yunusa described the initiative as a “stabilizing measure” that reflects the CBN’s grasp of current economic realities.
Despite the commissioning of the Dangote Petroleum Refinery, Nigeria still relies heavily on imported refined products. Although the 650,000-barrel-per-day facility has increased output, it is yet to fully meet domestic demand. The refinery recently revealed plans to double its capacity to 1.4 million barrels per day, a move expected to make Nigeria a net exporter of refined products in the near future.
Until then, targeted forex support for fuel importers remains vital to sustaining supply and stabilizing the market.
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