How Tinubu’s FX Revolution Is Rebuilding Nigeria’s Financial Market. Edge Of The World The Naira Reset The Naira has been through one of the most turbulent periods in Nigeria’s economic history. But beneath the headlines about the dollar rate, something bigger is happening: Nigeria is rebuilding the way its foreign-exchange market actually works. THE REAL STORY IS BIGGER THAN THE DOLLAR RATE For years, Nigeria had a foreign-exchange market that was difficult to understand. There were different exchange-rate windows. There were shortages of dollars. Businesses struggled to obtain foreign currency. Investors worried about whether they could bring money into Nigeria — and, just as importantly, whether they could get it back out. The difference between official and parallel-market rates became a symbol of the problem. President Bola Ahmed Tinubu’s administration decided that the system itself had to change. The Central Bank of Nigeria moved towards a more market-based foreign-exchange regi...
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