The naira’s fall has seen the Nigerian economy more competitive than at any time in the past 25 years, according to a report by British think tank, Chatham House.
The naira, which has been devalued by more than 70 percent, fell from 460 to the dollar around 2023, to just below 1,500 now — one of the largest currency adjustments anywhere in the world for years: only the Ethiopian birr has seen a bigger move recently.
“With the naira’s fall, Nigeria is arguably now more competitive than at any time in the past 25 years,” the Chatham House said in its report titled ‘Nigeria’s economy needs the naira to stay.”