Thursday May 22, 2025

World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years

World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years

by Terence Zimwara October 25, 2024 1 min read

(Originally posted on : Bitcoin News )

The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they […]

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