Nigeria’s economy at a turning point: Stability, growth, and the challenge of inclusive prosperity

For much of the past decade, Nigeria’s foreign exchange market was the economy’s most visible fault line. Multiple exchange rates and administrative allocations created distortions and discouraged investment, contributing to periodic shortages of dollars for imports and speculation that amplified naira volatility. These distortions began to reverse in earnest following the comprehensive reforms introduced by the Central Bank of Nigeria (CBN) from 2023 onward. Authorities unified FX pricing, tightened regulatory oversight of authorised dealers,