Nigeria has operated a multiple exchange rate system where dollar and other foreign currencies traded at a certain rate at the Central Bank of Nigeria and another rate at the parallel market.
With the apex bank selling a dollar to 461 naira, and Others selling a dollar to 751 naira, The aim was to maintain optimal production and distribution of exports, and maintain standard revenue but on the other hand has worsened the country’s debt payment.
As part of creating a new monetary policy, President Bola Tinubu said in his inaugural speech that The Central Bank must work towards unifying the exchange rate in order to improve the influx of money while attracting more investments and Boosting economic stability.

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