The unending battle for the soul of Nigeria’s naira

No doubt, 2023 and 2024 would go down in history as one of Nigeria’s most turbulent years on multiple front: exchange rate crisis, inflationary pressure, and other macroeconomic indices going south. But the most puzzling is the continuous downward tumbling of the value of the naira since the devaluation announcement by the PBAT administration at the assumption of office in May, 2023. In July 2023, the Central Bank authority- under the leadership of Folashodun Shonubi- announced the collapse of all foreign exchange (FX) segments into the Investo