The Nigerian naira has fallen by more than 70% against the dollar since President Tinubu came to office, which has contributed to a surge in inflation that has weighed on economic growth. There are signs that some of the benefits from a weaker currency, notably improved external competitiveness, are starting to be felt. But reaping the full benefits and placing the balance of payments on a more sustainable footing also requires the authorities to undertake structural reforms. Progress on that front has been slow.
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