Why Is Nigeria's Naira such a mess?

Nigeria’s foreign exchange rate policy has long been as clear as the crude oil that underpins Africa’s largest economy. Businesses and investors have had to contend with multiple exchange rates, contradictory statements from officials and differences of opinion between the central bank and the finance ministry over how the naira should be managed. President Bola Tinubu, who took office in May 2023, pledged to overhaul the currency regime with a view to attracting more investment, but the process.