The floating of the naira liberated many Nigerians from cycles of debt, fear, and institutional harassment, argues ROTIMI ADEWALE

Since President Bola Ahmed Tinubu took office in 2023, bold economic reforms have been implemented, including the floating of the naira to stabilize the erratic monetary policy in Nigeria. This move has brought relief to many, especially FX traders and businesses, who were previously trapped in corrupt practices and debt due to the artificial Forex regime.

The old system led to disputes, legal battles, and even criminal prosecution over volatile exchange rates. Countless individuals found themselves in debt as rates fluctuated dramatically, leading to detention and prolonged legal battles.

However, with the naira now floating freely, the market has become more transparent, reducing debt, distrust, and harassment from law enforcement agencies. This reform has not only improved business performance but also restored dignity and minimized the weaponization of FX disputes.

President Tinubu's decision to unify the exchange rate has liberated Nigerians from cycles of debt, fear, and institutional harassment, creating a level playing field for genuine foreign exchange needs. The FX market is no.