Naira Floated / Exchange Rate Unified

On June 14, 2023, the Central Bank of Nigeria abolished the segmented foreign exchange market and collapsed all windows into the Nigerian Autonomous Foreign Exchange Market (NAFEM), effectively floating the naira. The move unified multiple exchange rate tiers created under former CBN Governor Godwin Emefiele, adopting a “willing buyer, willing seller” model.

The naira fell immediately from ₦464.5/$ to ₦708.2/$ within a week — a 37% drop. By May 2024, it had depreciated further to ₦1,249.82/$. The float marked Nigeria’s fifth attempt at abandoning a fixed exchange rate peg since independence.