IMPI’s September 2025 report frames this phase as brutal but transformational. “The float created a corporate crisis,” it argues, “but the shock forced balance-sheet discipline and market realig

When Nigeria floated the naira in June 2023, scrapping multiple exchange rate windows, it marked one of the boldest policy shifts since the structural adjustment programme of the mid-1980s. The immediate collapse, from N460 to over N1,500 per dollar, devastated companies with dollar debts, triggered record losses, and forced firms into survival mode.

IMPI’s September 2025 report frames this phase as brutal but transformational. “The float created a corporate crisis,” it argues, “but the shock forced balance-sheet discipline and market realig