The Economist Intelligence Unit (EIU) anticipates further depreciation of Nigeria’s naira, potentially falling to 1,018 per USD by 2027 due to persistent high and rising inflation. The agency forecasts an average exchange rate of 815 naira per USD for 2024. The Nigerian central bank unified the country’s multiple exchange rates in June, leading to the naira’s most significant devaluation in history, and this has been categorized as a “managed float”. However, inconsistencies in transitioning to a more liberal currency regime, and access restrictions on foreign exchange for several imports, could deter foreign investors and maintain tight liquidity.