AbujaNigeria lost 3% of economic output to multiple exchange rates.
The gap let politically connected buyers get cheap dollars while ordinary citizens absorbed the inflation.
Central Bank of Nigeria governor Olayemi Cardoso said multiple windows enabled arbitrage until the bank unified rates into one willing-buyer, willing-seller market in 2023.
The bank says it will hold further rate decisions until inflation comes down.
How each outlet framed it
- Premium Times Nigeria
- reports CBN governor's quantification of multi-window FX losses at 3% of GDP within 2023 unification and recent monetary easing
Sources: Premium Times Nigeria