Nigeria Lost N6.2trn To Forex Subsidy, Says CBN Gov Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that the country lost more to foreign exchange subsidy than it spent on fuel subsidy.

According to him, Nigeria lost around N6.2trillion to harsh foreign exchange policies and subsidy in the year 2022 compared to N4.5trillion that the country spent on fuel subsidy in the same year.

Speaking at the 2024 Bankers Dinner, Cardoso described foreign exchange subsidy as “the real elephant in the room.”

Details Later…