The Nigerian currency, the naira, has seen a significant devaluation in its exchange rate against the US dollar, with a marked drop to NGN634 per dollar from just under NGN470 per dollar previously. This has sparked a flurry of reactions in the foreign exchange market as the economic implications begin to ripple through Nigeria’s economic landscape. The Central Bank of Nigeria (CBN), the country’s financial regulator, played a pivotal role in this currency adjustment. It controversially gave the green light for the naira to operate on a “floating” exchange rate, a move that has contributed to the naira’s sharp decline in value. This decision arrived in the wake of promises from Nigeria’s President Bola Ahmed Tinubu.
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