The three tiers of government and commercial banks gained about N2.21 trillion from foreign exchange revaluation revenue. The development comes from
The three tiers of government and commercial banks gained about N2.21 trillion from foreign exchange revaluation revenue.
As a breakdown, according to the FAAC communique, the three federal, state and local governments earned N320.89 billion in June 2023 as foreign exchange gain. However, some top manufacturers suffered foreign exchange losses of N495.36bn according to their financial statements for H1, 2023.
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