CBN: Injects $1.259 Billion Into Importation of Fuel and Others
Wellington Jopelo.
The Central Bank of Nigeria (CBN) has spent about $1.26 billion in the first three months of 2025 to support the importation of fuel and other petroleum products.
According to figures from the CBN, the money was released between January and March to help fuel importers get foreign exchange. In January, the bank released $457.83 million, followed by $283.54 million in February and $517.55 million in March.
The move comes as a price battle continues between the Dangote Petroleum Refinery and fuel-importing marketers, who are competing for control of Nigeria’s fuel market.
Even though the Dangote Refinery has started producing more fuel locally, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) show that Nigeria still imported about 2.28 billion litres of petrol in the first quarter of 2025. This is one of the lowest import levels seen in recent years, showing that the country is slowly moving toward local refining.
However, between August 2024 and early October 2025, fuel marketers still imported around 69% of the 21 billion litres of petrol used in the country, meaning Nigeria still depends heavily on imported fuel despite Dangote’s growing production.