The second is to raise public revenues. IMF data suggest that Nigeria’s total government revenues are less than 10 per cent of GDP. Sep 12, 2023 · In so doing, the overvalued naira underwent a massive devaluation, broadly aligning the currency with its black-market rate. For many, such a devaluation was badly needed to harmonise the naira’s value and thus boost confidence in Nigeria as an attractive destination for global investors. Nov 4, 2025 · The naira’s recovery is more than a monetary success story—it reflects a shift in policy direction. After years of defending artificial rates, Nigeria is slowly allowing market forces to determine value. Mar 11, 2025 · The naira’s persistent decline presents significant challenges for Nigeria’s economy and its citizens. While government policies aim to stabilise the currency, their effectiveness remains uncertain. Apr 17, 2025 · Explore how Nigeria's reliance on oil drives naira devaluation cycles, impacting businesses and citizens' daily lives. Oct 8, 2025 · Heavy dependence on oil means Nigeria feels every global oil hiccup. As reserves shrink, it’s harder to support the currency. Huge demand for the dollar for imports, school fees, travel, and more, keeps the naira under strain.