Few institutions in Nigeria carry as much influence over daily life as the Central Bank of Nigeria (CBN). Its decisions affect inflation, exchange rates, lending costs, savings, jobs, investment flows, and the broader confidence investors place in the country.

By any serious reading of Nigeria’s current economic condition, one reform under President Bola Ahmed Tinubu stands out as the clearest indicator of where the country is headed: the restructuring of the foreign exchange market led by the Central Bank of Nigeria.