The World Bank has once again criticized the Central Bank of Nigeria’s (CBN) exchange rate management style which has divided opinions among economists and public policy analysts.
The World Bank in a note published on its website revealed that the exchange rate management style of the CBN had caused the country a whopping $144.1 billion from 2017 to the first quarter of 2021.
According to institution, the CBN multiple exchange rates “acts as an implicit tax levied by the CBN on federation revenue”.
