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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria incurred a staggering loss of approximately N6.2 trillion due to foreign exchange subsidy and harsh policies in 2022.
This amount exceeds the N4.5 trillion spent on fuel subsidies during the same period.
Speaking during the 2024 Bankers’ Dinner, Cardoso emphasized the severity of the impact of foreign exchange subsidy on the nation’s economy, describing it as “the real elephant in the room.”
According to the CBN Governor, addressing this issue is critical for Nigeria’s economic stability, as the losses from forex subsidy have outstripped other significant expenditures.
Further details on this revelation are expected soon.
