Nigeria's Naira in Free Fall, Sparking Inflation and Protests as Central Bank Scrambles to Stabilize Currency

Nigeria's currency, the naira, is rapidly losing value, pushing inflation to 30% and making imports more expensive
The naira has been devalued twice in attempts to close the gap with the parallel market rate, making it one of the world's worst performing currencies
The currency volatility is eroding confidence, sparking protests, and deterring investment
To curb inflation and attract investment, Nigeria's central bank raised interest rates to 22.75%, but higher rates alone won't fix the naira
Fundamental reforms are needed for Nigeria to earn more hard currency through exports and foreign investment to solve its chronic dollar shortage