The World Bank recently reported that Nigeria incurred over $8 billion in losses between 2021 and 2023 due to the Central Bank of Nigeria (CBN)’s foreign exchange policy, which prevented the naira from floating freely. This policy, deemed a “foreign exchange subsidy,” alongside the nation’s fuel subsidy, significantly limited government revenue, affecting economic stability. Since … Continue reading Nigeria Loses $8 Billion in Foreign Exchange Subsidies: World Bank Urges Continued Economic Reforms