The Nigerian naira plunged to a record low of 600 per USD following a 30% devaluation by the central bank, leading to a shift towards a freely floating exchange rate. Commercial banks and forex dealers can now freely sell currency at market rates, fulfilling president Bola Tinubu’s pledge to unify multiple exchange rates. This development occurred days after the suspension of Governor Godwin Emefiele by President Tinubu, marking the end of Emefiele’s contentious nine-year tenure, during which failed currency stabilization attempts led to multiple exchange rates and an increased reliance on the black market. Emefiele’s approval of substantial government loans also resulted in unprecedented public debt.