In June 2023, Exchange Difference revenue amounted to N320.89 billion, which is slated for sharing in July 2023.

Comparatively, this figure represents a substantial rise from the previous month, with May 2023 recording a revenue of N0.64 billion for sharing in June 2023.

The distribution of the accrued revenue among the three tiers of government was outlined in the communique as follows: the Federal Government received N156.16 billion, State Governments received N79.20 billion, Local Government Councils received N61.06 billion, and N24.47 billion was shared to relevant states as 13 per cent mineral revenue.

The exchange difference, as explained in the communique, results from translating a specific number of units of one currency into another at varying exchange rates.

Following President Bola Tinubu's pledge to unify the nation's multiple exchange rates, the apex bank took action by floating the naira at the Investors and Exporters forex window. Since then, the naira has experienced fluctuations, oscillating between N750/$ and N820/$.