The naira’s real exchange rate is at its lowest level in over 20 years, following significant reforms to place Nigeria on a sustainable recovery path. World Bank Chief Economist Indermit Gill highlighted the devaluation as an opportunity for the private sector, stating that these changes are essential for Nigeria’s economic transformation. The naira has depreciated by over 70%, trading at around 1,553 per dollar compared to 465 per dollar before the reforms.