In June 2023, Nigeria’s decision to float the naira marked a historic turning point in its foreign exchange regime.
What followed was a steep and prolonged depreciation of the local currency the naira fell from about N460/$ in June 2023 to N1,535/$ by year-end 2024.
This sharp devaluation exposed Nigerian companies to massive FX translation losses and rising interest burdens, eroding shareholder value across the NGX.