After years of breaking free from dynamics in the crude oil market, Nigeria's naira has once again become a petro-currency.

Petro-currencies are currencies of oil-producing nations which tend to rise in value against other currencies when the price of oil rises and fall when it falls.

Since the floating regime began in June 2023, the naira has become even more volatile in response to crude oil price movements.

Simply put, when oil prices rise, the naira gains some strength, but