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Central Bank Of Nigeria Denies Reports of Involvement In Oil Sector Forex Use

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The Central Bank of Nigeria, CBN, has refuted reports that it disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items.

Describing the reports as entirely inaccurate and misleading, the apex bank noted that the referenced figure of US$1.259 billion, as published in CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.

A statement by the bank’s spokesperson, Mrs Hakama Sidi Ali, said the figure only reflects total foreign exchange transactions conducted by participants in the Nigerian Foreign Exchange Market, NFEM, across various sectors, including oil and gas, under the willing buyer, willing seller framework.

Sidi Ali noted that, “Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN.”

She explained that the “bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.

“The data cited in the report merely captures aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations,” she explained.

She emphasised that the data signifies legitimate market transactions, not instances of direct CBN intervention in the oil sector, assuring that the CBN remains committed to a transparent, market-based foreign exchange regime that promotes efficient price discovery, supports economic stability, and fosters confidence.

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Sachet Alcohol Ban Suspended, Orders NAFDAC to Stop Enforcement Activities

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The Federal Government has ordered the National Agency for Food and Drug Administration and Control, NAFDAC, to immediately halt all enforcement actions regarding the ban on sachet alcohol and 200ml PET bottle products.

The offices of the Secretary to the Government of the Federation, OSGF, and National Security Adviser, ONSA, in a joint intervention, cited grave concerns over economic stability and potential security threats as reasons for the directive.

The statement warned that continued enforcement, in the absence of a fully implemented National Alcohol Policy, could “destabilize communities, worsen unemployment, and trigger avoidable security challenges”.

According to the statement signed by Terrence Kuanum, Special Adviser on Public Affairs to the SGF, the government clarified that while the National Alcohol Policy has been signed by the Federal Ministry of Health under the direction of President Bola Tinubu, NAFDAC must refrain from sealing factories or warehouses until the policy is fully operationalized.

The statement emphasized that the current “de facto banning” of the products without a harmonized framework is creating significant disruptions.

“The continued sealing of warehouses and de facto banning of sachet alcohol products is already creating economic disruptions and poses a growing security threat, particularly given the impact on employment, supply chains, and informal distribution networks across the country,” the statement warned.

The statement further revealed that the decision was influenced by a correspondence from the House of Representatives Committee on Food and Drugs Administration and Control, dated November 13, 2025.

The letter, signed by Deputy Chairman Uchenna Harris Okonkwo, highlighted existing National Assembly resolutions that cautioned against the proposed ban.

Reaffirming a previous suspension issued in December 2025, the statement stated the need to review legislative, public health and economic factors before a final decision is reached.

“Accordingly, all actions, decisions, or enforcement measures relating to the ongoing ban on sachet alcohol are to be suspended pending the final consultations and implementation of the National Alcohol Policy and the issuance of a final directive,” the statement emphasized.

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Naira Appreciate Against US Dollar in Continuum

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The naira continued appreciation against the United States dollar at the official foreign exchange on Tuesday.

Central Bank of Nigeria data showed that the Naira further firmed up to N 1,351.02 against the dollar on Tuesday, up from N 1,354.26 traded the previous day.

This means that on a day-to-day basis the Naira gained N3.24 against the dollar.

Similarly, at the black market, the Naira appreciated by N5 to N1450 per dollar, up from N1455.

The development comes as the apex in a notice signed by its director of the trade and exchange department, directing banks to sell a maximum of $150,000 per week to licensed Bureau De Change operators.
DAILY POST reports that the country’s external reserves remained high at $47.03 billion as of 6th February 2026.

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